Thursday, June 23, 2016

VEB extended the “Olympic” loans for 20 years – RBC

Tourists at the resort” Rosa Khutor “in Krasnaya Polyana

Photo: Alexander Demyanchuk / TASS

The Supervisory Board of VEB has decided to extend loans to the State Corporation for the construction of the Sochi Olympics, with five to 25 years, VEB chairman Sergey Gorkov

«Today, the Supervisory Board decided to change the approach in terms of the restructuring of Olympic venues,” – said the chairman of VEB Sergei Gorkov on the results of the Supervisory Board on Thursday, 23 June. According to him, this decision will allow all “Olympic” borrowers to service debt and to develop the Olympic infrastructure.

Do not problematic objects

«I do not think the Olympic venues problematic” – said Gorkov. Who will not find availability facilities, the demand rises, this is a very good solution for the bank, and for the borrowers and for the country as a whole, certain Gorkov.

He said that is expected restructuring for 25 years under the ” a lower percentage. ” What is the percentage, the chairman of VEB did not elaborate. Earlier, RBC wrote that the rate will be reduced from 9 to 5% or lower. This was reported to RBC employee VEB, as well as two federal official. According to them, such a solution is now being discussed at a meeting with Deputy Prime Minister Dmitry Kozak. Government Staff Officer said that the decision can be taken in the near future. Kozak representative is not commenting. “The benefits of unprecedented. But the other way to return the money spent VEB no “, – said the federal official

« We will have to dosozdat reserve (on the “Olympic” loans due to a decrease in rates -. RBC’s ).. We do not see this as a big problem. In general, the Olympic venues were reserved quite strong and high, almost 100% “, – assured the chairman of VEB.

VEB participated in the financing of 20 projects in Sochi total cost 321 billion rubles., Of which 248.6 billion rubles. – Are loans of the bank, it said in the prospectus Eurobonds to the state corporation in 2013. VEB faced with non-payment: at the end of 2014 “Olympic” loans by 183 billion rubles. VEB were classified as problematic. Formally, they are not overdue, but only due to a moratorium on the servicing and repayment of these loans, the extended recently until mid-2017. Without the moratorium, these loans would have been officially non-working, and in fact it is a deferred loss, indicating the rating agency Fitch.

The state corporation predicted that could face a failure of payment obligations nine borrowers, including structures of Vladimir Potanin ( in particular, the resort “Rosa Khutor”), Oleg Deripaska (the main Olympic village) and Victor Vekselberg (hotel complex at 3.6 ths. numbers on the Imereti lowland).

Another VEB debtor is a company “resort plus “, which in October 2015 bought the resort ‘Gorki city on the auction” ( “Mountain carousel”) from an affiliate with “Sberbank Capital”, “CRS Holding”. “The resort is a plus” – the structure, close to the head of the Ministry of Agriculture of Russia Alexander Tkachev, told RBC a source close to the seller, and a source familiar with the management of “Hills of the city.” The fact that the buyer is a structure associated with Tkachev, citing its own sources wrote Forbes.

Strategy adopted

Gorkov also announced that the strategy VEB is taken as a basis. “I hope that the VEB will all the necessary work to carry out and adopted today a strategy until 2021, when we talked about this final agreement will be finalized and in early September will become a final approval,” – said on Thursday, June 23 before the start of the Supervisory Council Prime Minister Dmitry Medvedev

Subsidiaries of -. “VEB-leasing” and “VEB Capital” – the state corporation does not intend to sell, have bitter. He added that “VEB-Leasing” is being restructured. Gorkov also said that the supervisory board decided to capitalize commercial banks and then sell them. It is a “daughter” VEB -. Sviaz-Bank and the Bank

«Globex»

According to the Ukrainian loans that are problematic, decisions have been taken, concluded Gorkov

At a time when. Vladimir Putin was prime minister and, consequently, led the supervisory Board of VEB, the state corporation has issued more than $ 8 billion in loans to an unnamed Russian and Ukrainian investors for the purchase of industrial assets in Ukraine, mainly in the Donbass.

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

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