Credits are coming

VEB is preparing the next anti-crisis solutions

Vnesheconombank has currently received applications for the allocation of funds as part of the government's anti-crisis program to refinance the external debts of Russian companies and banks totaling $75 billion. The head of VEB, Vladimir Dmitriev, told reporters about this yesterday. Applications from banks totaled $31 billion, and from companies - $44 billion.

As you know, the government has entrusted the Development Bank (VEB) with several functions related to the use of public funds to stabilize the situation in the economy. Refinancing of external loans is one of the main and most serious in terms of volume. When considering the first series of applications from banks and companies at the VEB supervisory board in October, it was decided to refinance loans in the amount of $10 billion. Yesterday, Mr. Dmitriev said that oil and gas production companies, metallurgy, working in innovative industries applied to VEB , construction and trade, retail chains. He also confirmed that the application from the state-owned Rosneft has not only been received, but is already in the process of being satisfied. “A positive decision has been made regarding Rosneft, and we are allocating funds,” RIA Novosti quotes Vladimir Dmitriev as saying. Earlier, the head of the oil company, Sergei Bogdanchikov, said that Rosneft was asking VEB for $800 million.

Banks' demand for subordinated loans, which the government also instructed VEB to provide to domestic credit institutions, amounted to 90 billion rubles. This amount does not take into account loans planned for state banks - Sberbank (500 billion rubles), VTB (200 billion rubles) and Rosselkhozbank (25 billion rubles). The total amount of funds that the state allocated to VEB to support banks, as is known, amounted to 950 billion rubles, so private banks account for 225 billion rubles. “We have prepared the next list of banks, which will be submitted to the corporate governance body for approval of these transactions,” said the head of VEB. So far, according to Vladimir Dmitriev, 30 banks have submitted applications for subordinated loans. Thus, the number of banks and the amount of funds they have requested do not yet indicate any catastrophic situation with capital in the private banking sector.

Vladimir Dmitriev yesterday participated in a meeting of the government commission for the development of small and medium-sized businesses chaired by First Deputy Prime Minister Igor Shuvalov. The head of VEB confirmed the bank's plans for credit support for the development of this sector of the economy. “The amount for VEB loans through the Russian Development Bank in 2008 will reach the target of 9 billion rubles, the strategy until 2012 stipulates that in 2009 the amount will be increased to 30 billion rubles, in 2010 - more than 40 billion rubles ., in 2012 - 52 billion rubles,” TASS quotes Mr. Dmitriev. According to him, assistance will be provided both directly to small and medium-sized businesses through a system of subsidiary banks and agent banks, and to infrastructure entities that work with small and medium-sized businesses.

Ivan GORDEEV