VEB will get 150 billion rubles for loans – BBC

The Supervisory Board of Vnesheconombank, the first after the change of leadership took place behind closed doors. But in the introductory part of the prime minister and the head of the supervisory board, Dmitry Medvedev spoke about the development strategy of VEB and key projects of the loan portfolio. He recalled that the loan portfolio has been developed in 2014 and “largely lost its relevance.” For several reasons -. Because of the deteriorating external economic environment, reducing the sovereign rating and the inability to refinance external debt

«All this among other factors, led to difficulties in the bank, depleted stocks the financial strength of the structure, “- declared Prime Minister

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Medvedev did not specify what factors have undermined the financial stability of the bank, but they are well known. VEB actually took the risks of lending to politically motivated projects, payback experts initially questioned. First of all we are talking about the Olympic construction program and development of Sochi. On it was a spent about 1.5 trillion rubles.

Part of the loan, it seems to not be able to return. Even in 2014, EBV load loss – 250 billion rubles. During the first half of 2015 the loss amounted to more than 73 billion rubles. Previously, VEB asked the government financial support for 1.2 trillion rubles. But these “Wishlist” were not supported. As a result, VEB was promised only 150 billion rubles. This amount is recorded in the government’s anti-crisis plan, reminded “Gazeta.ru” in the Ministry of Economic Development.

Despite the fact that the VEB is in the verge of bankruptcy, the government intends to keep it function “leading development institution.” VEB, according to Medvedev, will continue to participate in the financing of major projects in a variety of industries – both in industry and in agriculture, and transport and energy. “That is, in this sense, the targets remain unchanged for the bank”, – confirmed the prime minister. And the Supervisory Board proposed to discuss the provision of credit lines to several largest borrowers.

For example, “Transmashholding” will be allocated 27.5 billion rubles.

“funds should be used to finance the leasing supplies several hundred cars Moscow Metro,” – said Medvedev, adding that a long-term investment project, which is implemented also at the expense of the National Welfare Fund

According to Reuters, “Transmashholding”. I filed an application to the VEB 100 billion rubles. to finance the production of cars under two contracts concluded in 2014. The first contract for the sum of 144 billion rubles. involves the supply and maintenance of 832 subway cars, the second -. 768 cars worth over 130 billion rubles

Also, the Supervisory Board of VEB has considered funding Khrunichev MV Khrunichev, and also approved the acquisition of VEB additional issue of shares of the Corporation on the development of small and medium-sized businesses by 30 billion rubles. “One hundred percent package of SME Bank shares owned VEB, will be brought in as a contribution to the authorized capital of the corporation as a result of the capital increase from the current 50 to 80 billion rubles.”, – He said the prime minister

were reviewed and other transactions, such as the need to replenish the working capital concern “Tractor plants».

The reforms will affect and “daughters” VEB. The new head of the bank, Sergei Gor’kov that came from Sberbank in February instructed to carry out an audit, cleanse bank balance sheets from non-core assets and a “major shift to the use of the mechanism of project financing.” Premier Medvedev instructed the new VEB managers team to reflect these aspects in the bank’s new strategy. The document will be prepared by June.

It was reported earlier that the Russian Direct Investment Fund (RDIF) will be separated from VEB (according to the bill, the sole shareholder of the Russian Direct Investment Fund becomes a state, as ownership changes from a limited liability company to a joint stock company ). “The separation from VEB Fund is logical. Fond de facto autonomous structure. Therefore, the legal separation of the organizations will not oppose any team RDIF current CEO Kirill Dmitriev, nor Sergey Gor “team – said a federal official

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To Dmitriev and his team positive attitude. Fund this year will report on the results of the first five years of operation. This will take place in June at the St. Petersburg Economic Forum, which usually takes place with the participation of President Vladimir Putin.

While at this point the work of Russian Direct Investment Fund is not satisfactory, says a source.

Another “daughter” VEB – Russian agency for the insurance of export credit and investment (EXIAR) – Russia will actively promote projects and develop export oriented production in Russia. insurance liability limit EXIAR increased to $ 10 billion

But now the main thing in the reform of VEB -. who will carry it out, that is, the personnel issue. “Find people in the new team VEB continues, – says the source” Gazety.Ru “on the banking market. – Of particular interest are the people who worked with German Gref, back in the days when he headed the Ministry of Economic Development

These managers are characterized by the market as the most powerful

Over the past ten years, they have demonstrated the highest rates of KPI and objectively assessed the situation in the Russian economy ».

« Gor team is now engaged in the selection of the people with whom the bank in its new form will be on the way. With the others have to leave, “- says a source in the banking market and confirms the source at VEB. The list of top managers is formed, and soon to be announced new personnel changes, including in subsidiary VEB “structures.

Personnel changes relate primarily to middle and senior managers. “Director of many departments were asked to leave or” was done on “my holiday – says a source at VEB, – where the request relates to not only the” core “departments, but also the technical and IT-departments»

New voice and strategy will not save EBV from politically motivated projects, the expert said one of the consulting companies serving the state corporation.

«Such large-scale debts, which arose because of the Sochi Olympics, will be gone. But this does not mean that the new bad debts to be less problematic. The budget is reduced, revenues fell, and the political ambitions of service will continue to be costly for the economy “, – the expert says

In addition, the authorities somehow forgotten, that EBV as a development institution should not only lend to” construction. century “, but also to develop competition. And this trouble in Russia, as in the time of crisis the public sector only grew, the expert said.