VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
Vladimir Putin's introductory remarks:
Good afternoon, colleagues,
Let's start today's meeting of the Vnesheconombank Supervisory Board.
I would like to remind you that at the previous Board meeting in September we were presented with a report on the progress of the reorganisation of Vnesheconombank affiliated banks.
Today we are going to consider the strategy for managing Vnesheconombank's lending agencies.
In this regard, I would like to note that we are proceeding from the fact that Vnesheconombank's participation in the financial rehabilitation of several commercial banks was a forced measure. This was VEB's contribution to the common efforts to maintain the sustainability and efficiency of the Russian financial system during the global crisis.
The end result of these efforts must be a complete restoration of the solvency of the lending agencies that are experiencing difficulties, and their subsequent sale under terms beneficial for VEB and, of course, for the country in general.
Meanwhile, the Bank for Development will continue to own a share in the capital assets of specialised banks, and maybe other establishments, in order to support small and mid-sized business and to promote the export of industrial products.
Another anti-crisis measure that VEB helped to implement was issuing loans to large Russian companies. This allowed them to refinance their debt to international financial creditors and avoid auctioning off strategic Russian assets on the cheap during the economic downturn. The total volume of such loans amounted to some $11 billion.
I would like to stress that the companies that have received loans are servicing them responsibly, and are paying the interest and repaying the principle in time.
On the other hand, there have been a number of requests to prolong payments on loans, which we are going to consider today. I have been informed on this issue and I know that these cases are not identical. Certain borrowers are capable of servicing their debts.
We will spotlight their financial and economic health as a whole, concentrating on the prospects for development. We will take into account the real market conditions and the current financial status of the borrower companies. In any case, we are not going to write off any debts.
We will also analyze the proposals for funding several large projects, including shipbuilding projects in Russia's northwest and in Primorsk.
VEB is also reviewing its participation in the development of new shipbuilding facilities in the Russian Far East. I am referring to the project at the Zvezda plant.
It is these companies, equipped with latest technology, that are being created from scratch that will be able to restore the position of Russian shipbuilding in the global market and meet the growing demands of Russian companies for tankers to transport oil and petroleum products, and LNG in the future.
Let's get down to work.
