The government adopted the decision on additional capitalization of the Bank to 150 billion rubles in 2016, said Prime Minister Dmitry Medvedev at a meeting of VEB’s Supervisory Board, which he heads.
“I also want to inform you that the decision on additional capitalization of the Bank to 150 billion rubles. This money will help in 2016 to ensure the financial stability of the Bank”, — quoted Medvedev’s press service of the government.
He said that VEB, losing access to external capital markets because of sanctions, has lost a “margin of safety”, and now to support the desired “non-standard measures”.
According to the head of the Cabinet, at a meeting also planned to discuss the formation of the budget of the Bank for the current year, including a plan of measures to improve financial stability and improve the Bank’s operations. We will focus on dokapitalizatsii Bank, on the sale of assets, perfection of mechanisms of decision-making on projects. At the same time, Medvedev stressed that the question of amendments to the General tasks for which the web was created, is not, it will remain an institution.
“Despite the current situation, in General, we are not talking about changing the common tasks for which was created the web. The Bank remains the leading development institution, will continue to participate in the financing of major projects in various sectors of the economy — both in industry and in agriculture, transport and energy sectors. In this sense, the targets for the Bank remain unchanged,” he said.
Yesterday, the newspaper “Vedomosti” referring to Federal officials and a source close to VEB, have already announced the amount of the Bank’s recapitalization. The article also claimed that the government will allocate these funds on a grant basis, and the money is already accounted for in the financial plan of the VEB for 2016, which has yet to approve.
At the end of February 2016 Vnesheconombank has changed the head. The President of Russia Vladimir Putin on 26 February signed a decree on the appointment of the head of state Corporation Sergey Gor, who previously held the position of Deputy Chairman of Sberbank of Russia. In this position, he was replaced by Vladimir Dmitriev, who headed the web for the past 12 years.
VEB requires government support to avoid default on debt obligations. In the first half of 2015, the Corporation received a net loss under IFRS amounted to 73.5 billion rubles. The external debt of the Corporation to maturity in 2016 is estimated at $893 million, 2017 — $1.85 billion. the Main source of problems of VEB loans under the so-called “special projects” that the Bank issued by resolution of the Supervisory Board and now no revenue.
