VEB has extended the Olympic credits for 20 years


“Today, the Supervisory Board decided about the change of approach from the point of view of the restructuring of the Olympic objects”, — told reporters, Chairman of Vnesheconombank Sergey Gorkov on the results of the Supervisory Board on Thursday, June 23. According to him, this decision will allow all the “Olympic” borrowers to service debt and to develop the Olympic infrastructure.

Problematic objects

“I do not consider problematic Olympic facilities,” — said Gorkov. Now the objects will not find available seats, the demand rises, this is a very good solution for Bank, and for borrowers and for the country as a whole, I’m sure the Gorkov.

He said that it is a restructuring for 25 years under “reduced rate”. Which percentage, the Chairman of VEB didn’t specify. Previously wrote that the rate will be reduced from 9 to 5% or below. This was reported by an employee of the Bank, as well as two Federal officials. According to them, the decision is now being discussed at the meetings with Deputy Prime Minister Dmitry Kozak. The officer of the government said that the decision can be made in the near future. The representative of the office does not comment on it. “The benefits unprecedented. But the other way to return the spent money to VEB, no,” said the Federal official.

“We will have to damasgate reserve Olympic loans due to the decrease in the interest rate — ). We do not see this as a big problem. In General, the Olympic venues have been reserved is reserved is rather strong and high, almost 100%”, — assured the Chairman of VEB.

VEB took part in the financing of 20 projects in Sochi with a total cost of 321 billion rubles, of which 248,6 billion rubles — loans of the Bank, stated in the prospectus, the Corporation’s Eurobonds in 2013. VEB faced with non-payment: at the end of 2014 “Olympic debt” to 183 billion rubles were classified by EBV as a problem. Formally they are not expired, but only due to the moratorium on the repayment of the loans extended recently till mid-2017. Without a moratorium, these loans would be officially unemployed and, in fact, we are talking about deferred losses, pointed out Fitch ratings.

The Corporation predicted that may encounter failure to perform payment obligations nine borrowers, including Vladimir Potanin’s entities (in particular, the resort “Rosa Khutor”), Oleg Deripaska (main Olympic village) and Viktor Vekselberg (hotel complex on 3.6 thousand rooms in the Imereti lowland).

Another debtor VEB is the “Spa plus”, which is in October 2015 bought at auction the resort “Gorki Gorod” (“Gornaya Karusel”) from an affiliate with “Sberbank Capital”, “SVK Holding. “Spa plus” — the structure close to the head of the Ministry of agriculture of Russia, Alexander Tkachev, said a source close to the seller, and a source familiar with the management of “hills city”. That the purchaser is a structure associated with Tkachev, citing its sources wrote Forbes.

The strategy adopted

Gorkov also announced that the strategy of Vnesheconombank adopted as a basis. “We expect that VEB will be able all the necessary work to carry out and adopted today a strategy until 2021, if we finally agree, and will be finalized in early September will turn into a final approved document,” said Thursday, June 23, before the Supervisory Board by Prime Minister Dmitry Medvedev.

Subsidiary — VEB-leasing “and” VEB Capital” — the state Corporation is not going to sell, said Gorkov. He added that “VEB-leasing” is restructuring. Gorkov also said that the Supervisory Board decided to recapitalize commercial banks, and then sell them. We are talking about the “daughters” VEB — Svyaz-Bank and Bank “GLOBEKS”.

According to Ukrainian loans that are the problem, decisions not taken, concluded Derevyanko.

At a time when Vladimir Putin was Prime Minister and, accordingly, as Chairman of the Supervisory Board of the Bank, the Corporation has issued more than $8 billion of loans to an unnamed Russian and Ukrainian investors for the purchase of industrial assets in Ukraine, mainly in the Donbass.

These investors never called, and reporting VEB they are just as “third parties” received from VEB loans for the purchase of shares and the financing of Ukrainian metallurgical enterprises. As argued by Forbes magazine, these investments were made for political purposes, and the actual owner of these enterprises became the VEB.