The Cabinet discusses the issue of OFZ that can be transferred to the capital of VEB, as well as the possibility of creating a special Fund with budgetary guarantees, said the Minister of economic development of Russia Alexei Ulyukayev.
MANILA, 16 Nov. The government is considering several options for recapitalization of Vnesheconombank, including the issuance of OFZs, the establishment of a special Fund, which will raise funds on the market under government guarantee, and transfer the balance of state assets, told journalists the Minister of economic development of Russia Alexei Ulyukayev.
“There are different proposals,” said the speaker, answering the question about the possible ways to additional capitalization of the Bank.
In particular, he acknowledged that discusses the issue of OFZ that can be transferred to the capital of the Bank. However, the use of such a tool will inevitably increase the burden on the budget. “The first problem is that this way we increase the spending budget. Whether it’s the current year or the next, but this is obviously a problem. We must soberly to compare the amounts,” he said.
The authorities, in his words, and consider other ideas. “It was, for example, the proposal to create such a special Fund, receiving a special budget guarantees, would be able to hire on more comfortable conditions than now. But still then budget guarantees should be put in debt, which is the same,” added the speaker.
According to the Minister, and discussed the possibility of transferring the balance of the States in the number of distressed assets — for example, the Olympic objects. “This is not an alternative (capitalization — ed.)”, — said the Minister. “Apparently, the nature of special projects, including the Olympic projects, is that it’s quasi-fiscal financing. And 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 explained.
The Minister recalled that on the balance sheet of Vnesheconombank, and is highly liquid assets, such as ADR Gazprom. “As with other types of assets, it can be transferred to the state. Then, because it is a 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,” — said Ulyukayev.
