Regular Meeting of Vnesheconombank’s Supervisory Board Held

21 мая 2015 года
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Dmitry Medvedev’s Opening Address:

Today we are having a regular meeting of our Supervisory Board. Our agenda is as usual overcrowded. We are supposed to take corporative decisions.

Now, VEB’s main task is to increase the amounts offunding the real economy with a view to the current economic problems,the slump in production.Figures vary, but some of them are alarming. Under the conditions when the Russian banking systemis under the pressure of a number of negative factors, VEB must retain its position as a key development financing institution responsible forindustrial sector, major projects and investments.

For the Bank to operate in these lines of activity most efficiency, the Bank was provided with additional funds and a decision was taken to place 300 billion rubles from the National Wealth Fund on VEB’s deposits. We hope that this will help the Bank to undertake its business activity.

I would also like to stress that we should exercise maximum control over the use of financial resources from the National Wealth Fund – they are our reserves. Conditions for receiving this money have been established in the strictest way. Specialists are to be responsible for a preliminary selection of projects and a final decision is to be made at a meeting of VEB’s Supervisory Board. Every three months, the Bank is to account for spending this money.

A detailed procedure for selecting such projects is to be prepared in the most immediate future and it is to be considered at an upcoming meeting of VEB’s Supervisory Board.

A number of projects we’ll consider today are also designed to boost the industrial sector. We’ll also discuss VEB’s guarantees worth 3 billion dollars under the Yamal LNG Project. This project provides for building liquefied natural gas production facilities and a whole infrastructure - a decision that was also approved by the Government- and here I mean the Port of Sabetta and some other important facilities. The project is important for expanding our export capabilities and developing Northern territories.

Another infrastructure project funded by Vnesheconombank is the construction of Moscow –Saint Petersburg high-speed multilane motorway. This is one of the first public private partnership projects and in this case the Bank is a party to a concession agreementtogether with other government institutions and private investors.

Moreover, we’ll discuss projects in aviation and mechanical engineering industries, agro-machinery industry and in radio electronics. We’ll also talk about the work with pension savings, which are under the Bank’s management. Pensionmoney is used to fund investment projects of the largest Russian companies. We should determine conditions for such transactions this year to not only invest the money reliably but also put them profitably in the projects we have discussed with you.

Let’s get down to work.


Origin: Internet-site of the Government of the Russian Government


Vladimir Dmitriev’s briefing after a meeting of Vnesheconombank’s Supervisory Board

Transcript:

V. Dmitriev: We’ve just finished a regular meeting of Vnesheconombank’s Supervisory Board. The agenda was pretty intensivebut it should be stressed that the Russian Prime Minister, the Chairman of Vnesheconombank’s Supervisory Board, said that it was necessary to exercise strict control over a targeted use of funds worth 300 billion rubles allocated from the National Wealth Fund (NWF) to finance individual investment projects of Vnesheconombank. Funds are to be allocated under a decision by VEB’s Supervisory Board in accordance with the Memorandum on the Bank’s Financial Policy and under the Law for the Bank for Development. In this respect, it should be stressed that the projects we have considered today might be financed with funds from the National Wealth Fund.

Today, we have discussed projects in infrastructure and aviation industry. We also discussed an opportunity for the State Managing Company to allocate funds to finance investmentprojects of some Russian companies.

Our Bank is to fund the Moscow- Saint Petersburg motorway (a segment at the crossing of the Leningrad region with adjacent regions, 100 km plus); our participation share is 6.5 billion rubles. We’ll receive funds by way of issuing bonds which are to be bought out by VTB pension fund. Here we are in close contact with VTB itself, which acts in the capacity of an investor.

Today, our Supervisory Board approved a bridge credit to be extended for the SukhoiSuperjet 100 project to implement the President’s decision to allocate 100 billion rubles worth of bonds to this company, with the bonds to be bought out in the future by commercial banks, that is, this company’s creditors including Vnesheconombank.Now we suggest above allconverting foreign currency credits into ruble ones and then repaying them through using funds to be allocated by the state. The current transaction is worth 32.5 billion rubles.

Pension savings. Out of 60 billion rubles on a free balance sheet in the extended investment portfolio, about 40 billion rubles will be spent on buying out RZHD bonds. 10 billion rubles are earmarked for buying out KamAZ bonds as part of the investment programannounced by this company and this is more than 80 billion rubles. But in the current case, a request by KamAZ for upgrading production facilities, creating a new generation of engines, creating a new driver’s cabinand new generation vehicles, that is import substitution, is worth about 35 billion rubles and now 10 billion is allocated to buy out bonds.

Question: By VEB alone?

V. Dmitriev: By way of using funds of the state managing company. Bonds of such issuers as the Post of Russia, VEB-Leasing and other several companies are also supposed to be bought out.

I’d also like to draw your attention to a project that we have been funding for several years and now it is entering its final stage, this is a project to manufacture microchips in size of 0.9-0.12 nanometers. This project is being implemented by AngstremCompany in Zelenograd. In the near future the project is to be put into a test operation mode. And we hope that by the end of the year this project will be launched and it will gradually achieve its rated capacity. There is a feeling that it will become a part of special economic zone of Zelenograd to enjoy benefits stipulated for this kind of projects. Pending the Petersburg Economic Forum we agreed upon nominees of the Development Award at a meeting of our Supervisory Board. This year there will four more nominees. These are projects in providing support for exports, the best projects with foreign participation and projects in environmental protection ( I am not going to name the winners in advance, we’ll get to know their names at the Petersburg Economic Forum).

We have also discussed some technical issues related to the operation of Vnesheconombank’s internal control service in various lines of the Bank’s activity.

As far as the Yamal LNG project is concerned Ibelieve that atimely and important decision was made that Vnesheconombank would extend guarantees worth 3 billion dollars. We held preliminary talks with Novatek about a credit worth 1 billion dollars to be extended by Vnesheconombank but now the amount of risks we assume in the project, factually in Novatek has increased threefold. We hope that there will be no need for ready cash. This decision was a matter of great urgency because we had to complete negotiations with Novatek’s foreign partners – these are both Chinese and French companies that are also assuming risks in the project.So, this is a key stage in coming close to signing a comprehensive agreement on the construction of a liquefied natural gas plant.

Question: Isn’t VEB exploring the possibility for entering into Yamal LNG’s capital?

V. Dmitriev: No, it isn’t.

Question: This means that there will be no hard cash?

V. Dmitriev: No, there will be guarantees.

Question: You said that you need 3 billion dollars to fund foreign debts and that the Government would not provide this money. Where will you take it from? On the market? Have you already found sources?

V. Dmitriev: Yes, on the market.

Question: What will be the amount of bridge-credit for the SukhoiSuperejet 100?

V. Dmitriev: 32.5 billion rubles.

Question: What about its tenure?

V. Dmitriev: A tenure of half a year but we hope that as soon as a scheme for extending 100 billion rubles worth of bonds and for buying them out in the future by commercial banks is implemented the credit will be repaid. Half a year is a maximum period but I think it might take three months.

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Vnesheconombank and the Vietnam Development Bank Agree to Cooperate

13 мая 2015 года
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In the course of the 38th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) being held in the city of NhaTrang (Vietnam), Vnesheconombank and the Vietnam Development Bank signed a Memorandum of Understanding.

On behalf of VEBthe Memorandum was signed by Deputy Chairman Anatoly Ballo and on behalf of the Vietnam Development Bank – by Director General Tran Ba Huan.

The Memorandum provides for enhancing all-round cooperation, the two banks’ joint participation in implementing investment projects, and in programs of trade and export financing as well as sharing experience on main lines of the two development institutions’ activity.

The Memorandum’s implementation would help to promote exports of Russian products to Asian countries and enhance economic ties between Russia and Vietnam.

Vietnam Development Bank (VDB) was established in 2006 according to the Decision of the Prime Minister of Vietnam based on the reorganization of Development Assistance Fund. The bank’s main function is to raise capital from domestic and foreign counteragents to pursue investment, credit and export policy of the state as well as expand international cooperation. The bank is responsible for funding major government projects by way of extending subsidies, investment and export credits as well as credits against government guarantees.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank Fulfills Its Obligations Under Domestic Series BO-16v Bonds Put Offer

8 мая 2015 года
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State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” on May 7, 2015 fulfilled its obligations to purchase bonds from investors in the course of the put offer under its USD 500 million Series 16v exchange bonds issue.

Under the current put offer Vnesheconombank bought 333 500 bonds with the total par value of USD 333,5 million.

The coupon rate of the bonds was set at 4,75% per annum till the next put offer in one year.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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VEB and the Export-Import Bank of China to fund the productionof electrolytic metallic manganese for manufacturing special steels in Russia

8 мая 2015 года
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In the course of Chinese President Xi- Jinping’s formal visit to Russia, Vnesheconombank and the Export-Import Bank of China (Eximbank) entered into an agreement on a credit line. Under the agreement Exim bank is to provide VEB with 3.9 billion Chinese yuans for a period of up to 15 years.

On behalf of VEB the agreement was signed by Chairman Vladimir Dmitriev and on behalf ofthe Export-Import Bank of China – by Chairman Hu Xiaolian. A signing ceremonywas held in the presence of Russian President Vladimir Putin and President of CPR Xi-Jinping.

This agreement was signed to fund an investment project “Production of electrolytic metallic manganese for manufacturing special steels on the basis of ores of the Usinsk deposit in the Kemerovo region”. The project is being implemented by CJSC CHEK-SU.VK. VEB raises credit facilities in Chinese currency for the first time to fund an investment project in Russia.

The Export-Import Bank of Chinawas founded in 1994. It is a leading financing institution of PRC. It is 100% controlled by the state. International ratings are in line with national sovereign ratings of PRC:Moody’s – Aa3, Fitch – A+, S&P – AA-. The bank’s main task is to pursue government policy aimed at providing financial support for industry and foreign trade to promote exports of Chinese mechanical and electronic products, high and new technologies.

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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VEB and the China Development Bank Sign a Framework Credit Agreement

8 мая 2015 года
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In the course of Chinese President Xi- Jinping’s formal visit to Russia, Vnesheconombank and the China Development Bank (CDB) entered into a framework credit agreement worth 8 billion US dollars.

On behalf of VEB the agreement was signed by Chairman Vladimir Dmitriev and on behalf of CDB – by Chairman Hu Huaibang.

The agreement provides for extending long-term credit facilities to Vnesheconombank for developing the Far East and Siberia. The credit facilities are to be raised for implementing infrastructure projects, projects in communications technologiesand agro-industrial sector. The two sides believe that the agreementwould make it possible to expand trade and economic cooperation between the two countries.

CDB is a leadingfinancing institution of the People’s Republic of China (PRC) operating as a state-run joint stock company. It is wholly owned by the state. CDB’s international ratings are in line with national sovereign ratings of PRC:Moody’s – Aa3, Fitch – A+, S&P – AA-. CDB’s main goal is to boost China’s economic competitiveness and raise its people’s living standards.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Development banks of EAEU member states sign a Memorandum on Cooperation

8 мая 2015 года
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As part of the Supreme Eurasian Economic Council’s meeting at Heads of State level – members of the Eurasian Economic Union (EAEU), Vnesheconombank, Development Bank of the Republic of Belarus and the Kazakhstan Development Bank signed a Memorandum on Cooperation in Investment and Trade-Economic Sectors.

The Memorandum’s implementation would promote sustainable economic development and stimulate trade-economic and investment cooperation between Union-member countries. The parties agreed to upgrade mechanisms for lending between the financing institutions, cooperate closely upon implementing joint investment projects and help to promote exports of products of EAEU member countries.

In order to efficiently organize interaction, a Council of EAEU Development Banks is expected to be established.

The Memorandum provides for a possibility to join it by financing institutions of other EAEU member states.

The Eurasian Economic Union is an international organization for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union.

The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

The Union was created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

6 мая 2015 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National WealthFund from January 1 to April 30, 2015.

The Reserve Fund

As of May 1, 2015 the aggregate amount of the Reserve Fund was 3 950.49billion rubles which is equivalent to 76.41 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 37.26 billion US dollars
  • 28.27 billion euros;
  • 5.25 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to April 30, 2015 was0.02 billion US dollars, which is equivalent to 0.88 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to April 30, 2015 was a negative value of (-)495.00 billion rubles.

The National Wealth Fund

In order to co-finance the formation of pension savings of insured persons who paid additional insurance premiums on a funded portion of their labor pension in 2014, in April of 2015, a part of the National Wealth Fund’s financial resources in the foreign currencies in the Bank of Russia’s accounts, namely, 0.08 billion US dollars, 0.07 billion euros and 0.01 pounds sterlings was sold for 9.43 billion rubles and the funds received were placed into the account to record funds of the federal budget.

In April of 2015, in accordance with para5 of article 96.10 of the Budget Code of the Russian Federation and subject to Russian Government Resolution dated January 19, 2008, № 18and Russian Government Executive Order dated April 15, 2015,№ 660-rmonetary resources of the National Wealth Fund in the amount of 38.43 billion rubles were placed on a subordinated deposit with Bank GPB (JSC), with the deposit to be returned in December of 2042 and interest to be charged:

  • on the amount of 21.73 billion rubles – at a rate equal to inflation rate in the Russian Federation increased by 1% per annum but no less than 1% per annum( interest payments are to be made annuallystarting in 2022, till 2022 interest is to be charged and capitalized);
  • on the amount of 16.70 billion rubles at a rate calculated on the basis of interest rates established by the Bank of Russia upon conducting deposit transactions at fixed interest rates (interest payments are to be made annually).

In April of 2015, using monetary resources of the National Wealth Fund raised on the subordinated deposit, Bank GPB (JSC) purchased bonds of the state-run company Avtodor in the total par value of 21.73 billion rubles in order to fund an investment project “the Central Circular Automobile Road” (the Moscow Region) included in the list of investment projects being implemented by legal entities in financial assets of which monetary resources of the National Wealth Fund (or) pension savingsunder trust management of a state managing company are placed on a reimbursable basis. The list was approvedby executive order of the Russian Government dated November 2013, № 2044-r.

As of May 1, 2015, the aggregate amount of the National Wealth Fund was 3 946.42 billion rubles which is equivalent to 76.33 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 20.98 billion US dollars;
  • 21.99 billion euros;
  • 4.03 billion pounds sterlings;

2) 195.03 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings.

4) in bonds of Russian issuers related to implementing infrastructure projects, a list of which is approved by the Russian Government –112.63billion rubles and 1.21 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) on deposits of OJSC Bank VTGB and Bank GPB (JSC) in order to fund infrastructure projects a list of which is approved by the Russian Government - 164.4 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to April 30, 2015, was 0.01 billion US dollars, which is equivalent to 0.59 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to April 30, 2015 was a negative value of (-)432.23 billion rubles including:

  • balances in foreign exchange accounts with the Bank of Russia – (-)377.49 billion rubles;
  • funds deposited with Vnesheconombank in US dollars –(-) 28.49 billion rubles;
  • funds placed in debt instruments of foreign states without placing demands on long-term credit ratings –(-)13.66 billion rubles.
  • foreign-currency denominated bonds of Russian issuersrelated to implementing infrastructure projects, a list of which is approved by the Russian Government – (-)12.59 billion rubles.

In April of 2015, incomes from placing financial resources of the National Wealth Fund on Vnesheconombank’s deposits were transferred in the federal budget in the amount of2.34 billion rubles.The aggregate income from placing financial resources of the Fund on Vnesheconombank’s deposits from January to April of 2015 was 8.32 billion rubles which is equivalent to 0.14 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.


Origin: Press Service of Russia’s Finance Ministry

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Commentaries to Consolidated Financial Statements of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and its Subsidiaries for the Year 2014

30 апреля 2015 года
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Dynamics of main components of assets and liabilities

(Analysison the basis of comparing balance indicators as of 31.12.2014 and 31.12.2013)

As of the year 2014, assets amounted to 3 885.8 billion rubles. Assets increased by 571.9 billion rubles (+17.3%) from the start of 2014.

The portfolio of loans extended to customers increased in 2014 by 796.0 billion rubles (+43.1%) to 2 643.0 billion rubles. The proportion of credits to customers in the assets of Vnesheconombank Group as compared to the start of 2014 increased from 56% to 68%.

The amount of funds with banks over the period under review decreased by 255.5 billion rubles (-58.9%) to 178.3 billion rubles which was brought about by Vnesheconombank’s repayment of subordinated loans with the par value of 279.0 billion rubles (the value in the financial statements as of 31.12.2013 was 260.8 billion rubles) extended in accordance with Federal Law dated October 13.2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” (hereinafter referred to Law № 173-FZ).

The following changes occurred in the resource base.

The amount of liabilities for 2014 increased by 770.2 billion rubles (+28.1%) to 3 507.3 billion rubles.

The amount of issued debt securities increased by 379.8 billion rubles (+63.0%) to 983.1 billion rubles) over the period under review. In June of 2014, bonds with the par value of 212.6 billion rubles were issued and placed. The remaining increase was caused mainly by the growth in the exchange rates of foreign currencies against the Russian ruble.

The debt to the Russian Government (including subordinated deposits stated in the financial statements as of 31.12.2014 separately) and the Bank of Russia decreased by 118.7 billion rubles (-12.1%) to 862.3 billion rubles.In June, Vnesheconombank repaid (including ahead of schedule) Bank of Russia deposits raised for implementing a program of rendering financial assistance to CJSC Svyaz Bank and JSC GLOBEXBANK with the par value of 212.6 billion rubles (the value in the financial statements as of 31.12.2013 was 205.4 billion rubles) which were replaced with funds received through the said issue of bonds.In September-December, due to the fact that the banks repaid early some subordinated loans worth 279.0 billion rubles extended by Vnesheconombank from financial resources of the National Wealth Fund in accordance to Law №173-FZ, National Wealth Fund deposits were early repaid in the said amount (the value in the financial statements as of 31.12.2013 was 261.8 billion rubles). In September of 2014, agreements on placing foreign currency deposits of the National Wealth Fund worth 6 254.0 million US dollars were early terminated.In accordance with Russian Government Decree dated September 6, 2014 №1749-r agreements on placing foreign currency deposits with Vnesheconombank from financial resources of the National Wealth Fund for a total amount 6 254.0 million US dollars were concluded. Out of them the funds in the amount of 5 966.0 million US dollars were placed on the terms of subordination in order to additionally capitalize Vnesheconombank (the value in the financial statements as of 31.12.2014 was 303.0 billion rubles).

Over 2014, the amount of funds in banks increased by 324.0 billion rubles (+47.2%) to 1 010.5 billion rubles which was mainly brought about by the growth in foreign currency exchange rates against the ruble.

The amount of customers’ funds increased by 105.4 billion rubles (+26.1%) and amounted to 508.7 billion rubles as of 31.12.2014. The increase was mainly caused by the growth in fixed-term deposits with subsidiary banks incorporated in Vnesheconombank Group.

The amount of liabilitiesunder financial leasing agreements increased by 65.4 billion rubles to 89.8 billion rubles.

Over 2014, the amount of capital decreased by 198.3 billion rubles (-34.4%) and as of 31.12.2014 it amounted to 378.6 billion rubles. The capital deceased due to the recognized loss of 249.7 billion rublesover 2014. The aggregated amount of the uncovered loss included income worth 25.2 billion rubles from the original recognition of foreign currency deposits placed with Vnesheconombank through using financial resources of the National Wealth Fund at a rate below the market level. Moreover, in December 2014, Vnesheconombank was provided with the subsidy from the Federal budget in the amount of 30.0 billion rubles to increase its authorized capital. As a result, the Bank’s authorized capital increased to 418.1 billion rubles.

Dynamics of main profit and loss components

(Analysis on the basis of comparing data for 2014 and 2013)

In 2014, Vnesheconombank Group recognized a loss of 249.7 billion rubles as compared to a profit of 8.5 billion rubles generated in 2013.

Net interest income amounted to 100.3 billion rubles, an increase of 1.3 billion rubles, (+1.3%) from the same period in the previous year (99.0 billion rubles).

Interest incomes increased by 36.6 billion rubles (+15.0%) from 2013 and amounted to 280.3 billion rubles for the most part as a result of the growth of 31.9 billion rubles in interest incomes to 182.5 billion rubles under credits to customers and a growth of 7.5 billion rubles to 34.2 billion rubles under financial leasing due to the increased volumes of the said transactions. At the same time, interest incomes on the funds with banks and their cash equivalents decreased by 4.3 billion rubles to 37.2 billion rubles.

Interest expenses increased by 35.3 billion rubles (+24.4%) to 180.0 billion rubles and interest expenses on funds raised from banks and the debt to the Bank of Russia increased by 16.3 billion rubles (+32.4%) to 66.7 billion rubles which was caused by the increase in average amounts of funds raised. Expenses on issued debt securities increased by 14.8 billion rubles (+48.0%) to 45.7 billion rubles which was also caused by the growth in the volumes of issued debt securities.

In 2014, as to transactions with financial instruments revaluated at fair value through profit or loss and transactions with financial assets as held for trading, a net loss of 10.3 billion rubles was recognized and it was caused by the market conditions against the net income in the amount of 69.7 billion rubles in 2013, with the income being generated through selling packages of bonds.

Incomes less expenses from the original recognition of financial instruments, changes in contractual terms and conditions and early repayment amounted to 57.9 billion rubles in 2014 (in 2013 – 8.5 billion rubles).

In 2014 as in 2013, there was a negative balance of incomes/expenses with regard to transactions in foreign currency in the amount of 35.0 billion rubles and 7.9 billion rubles respectively.

Other operational expenses increased by 9.0 billion rubles to 30.7 billion rubles in 2014 as compared to 2013.

The main reason for the negative financial result of Vnesheconombank Group’s activity in 2014 was expenses on forming reserves against depreciation of assets and other reserves. They amounted to 326.1 billion rubles against 127.1 billion rubles in the same period of 2013. The said expenses are associated with forming reserves under customers’ credits (in accordance with standard requirements stipulated in the procedures approved at Vnesheconombank), as well as under credits extended to fund the Olympic projects.

Назад

VEB intends to fund hydropower station in Argentina

23 апреля 2015 года
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In the presence of Russian President Vladimir Putin and President of the Argentine Republic CristinaFernández de Kirchner, VEB, Ministryof Economyand PublicFinance of Argentine, Ministry of Federal Planning, Public Investment and Services of Argentina, LLC Inter-RAO – Export and the consortium of Argentine companies entered into a Protocol of Intent to implement a multi-purpose project Chihuido-1 in the Argentine Republic.

Under the Protocol the parties agreed to cooperate in contributing to funding, developing and constructing the Chihuido-1 hydropower station in the Neuquén Province.

The signing of the Protocol of Intent testifies to the enhanced economic ties between the Russian Federation and the Republic of Argentine and is instrumental in promoting exports of Russian high-technology power engineering products to the Latin American region countries.

The consortium of Argentine companies is comprised of Helport S.A., Panedile Argentina S.A.I.C.F.e I, IsoluxIngenieria S.A., Eleprint S.A., Jose J. Chediaсk S.A.I.C.A., HidroelectricaAmeghino S.A.


Press Office of VEB
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VEB and the Bank of Investment and Foreign Trade of Argentina agree to cooperate

23 апреля 2015 года
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In the course of President of the Argentine Republic CristinaFernández de Kirchner’s formal visit to the Russian Federation, Vnesheconombank and the Bank of Investment and Foreign Trade of Argentina signed a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of the Bank of Investment and Foreign Trade of Argentina – by President Mr. Federico Pastrana.

Under the Memorandum the parties agreed to cooperate in implementing investment projects. Projects designed to develop socio-economic infrastructure including industrial, transport and power engineering infrastructure; projects in ecology, sustainable development as well as projects on providing support for small and medium-sized enterprises in Russia and Argentina and for exports are considered as top-priority ones.

The parties agreedto take actions to share business experience and information in various sectors associated with the financing institutions’ activity.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank to support exports of Russian high-technology products to Cuba

22 апреля 2015 года
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Назад

In the course of the Intergovernmental Russian-Cuban Commission’s meeting in the city of Kazan Vnesheconombank, CJSC IFK Technik(a partner of OJSC Ilyushin Finance Co.) and EmpresaCubanaImportadora de Aviacíon S.A. (Aviaimport S.A.), the Republic of Cuba entered into a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by First Vnesheconombank Deputy Chairman, Member of the Board Petr Fradkov, on behalf of CJSC Technik – by Director General YekaterinaPolyakova and on behalf of Cuban company Aviaimport S.A. – by General Representative in the Russian Federation Mr. Orlando Santana Gomez.

Under the Memoreandum Vnesheconombank is to explore the possibility for extending credit facilities to Aviaimport S.A. to fund the following projects: supplying spare parts for aircraft, upgrading laboratory integrated facilities, replacing engines of aircraft Il-96 and Tu 204 for more efficient Russian-made aircraft engines.

The signing of the Memorandum of Understanding testifies to the enhanced economic ties between the Russian Federation and the Republic of Cuba and is instrumental in promoting exports of Russian high-technology industrial products and services to the Latin American region countries.

Aviaimport is a subsidiary of the Cuban largest state-run carrier CACSA.


Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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