Ulyukayev proposed to consider selling liquid assets VEB

Moscow. November 16. The need of the Vnesheconombank state support can be reduced through the sale of liquid assets, but it will still be very high, said the head of the Ministry of economic development, member of the Supervisory Board of VEB Alexey Ulyukayev.

In Friday “Kommersant” with reference to sources reported that the meeting with first Deputy Prime Minister Igor Shuvalov discussed the possibility of transferring the OFZ VEB 1.5 trillion rubles. This is the assessment of the needs of VEB recapitalization, made by the Central Bank, stated in one of the newspaper’s sources. In addition, according to the newspaper, Russia may take from VEB’s portfolio of bad loans. The head of the Central Bank Elvira Nabiullina, commenting on the journalists this information, saying only that “various options are discussed, it is too early to say (about the decision)”.

Ulyukayev told journalists on Monday: “the Need for additional capitalization of VEB obvious, because in his portfolio is a large number of so-called special projects, which by their nature, economically viable and therefore require large dosoznanie provisions and the deduction of capital”.

Moreover, continued the Minister, VNESHECONOMBANK as a development institution provides resources on quite comfortable for the borrowers, and now the release of previously made investments very difficult because it will require additional funds.

“We have several options. We have not yet reached a final result, we have during the week to Refine the agenda so that you can report to the Prime Minister – who is also the Chairman of the Supervisory Board of VEB,” – said Ulyukayev.

The problem encountered in the OFZ issue in favor of VEB – increase of budget expenditures. There are other proposals such as the creation of a special Fund, receiving a budget guarantee, could raise funds from the market on more favorable conditions than on the web. However, in this case would have to involve the budget – in the form of state guarantees on the debt.

Ulyukayev confirmed that the authorities are discussing the transfer with the balance of the VEB problem loans. “This is not an alternative (recapitalization), it is both. Apparently, the nature of special projects, including the Olympic projects, is that it’s quasi-fiscal financing. All development institutions exist at the expense of budgetary capitalization, and now we just think of what form is most acceptable from the point of view of macroeconomic stability to find for this essentially fiscal operations. One way or another it will have to do,” he said.

Answering the question about the amount that ultimately will need to VEB, Ulyukayev said that the estimate of 1.5 trillion rubles may change. “The figure is not the end. There are different options because on the VEB balance sheet is liquid assets such as ADR “Gazprom”, for example. It is also within the perimeter of these discussions is. Therefore, the figure may be revised slightly downwards, but in General it will be very great in any case”, – said the Minister.

“Because this (package of Gazprom) liquid asset, it can be implemented on the market, but then the web will have to take your loss. Different mechanisms are discussed from different sides”, – concluded the head of Ministry of economic development.

VEB owns 2.7% of Gazprom, the share is purchased in 2010-2011 at E. ON. On the market periodically discussed the rumors about the possible sale of this and other liquid assets of the VEB (3,15% “RUSAL”), but so far no real steps in this direction were not. As shares were acquired under different conditions and now are much cheaper, their sales will force the web to reflect losses in its financial statements.