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Interfax.com  |  Interfax news  |  VEB discussing additional support measures with...


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August 07, 2014 18:13

VEB discussing additional support measures with govt - Dmitriyev (Part 2)

MOSCOW. Aug 7 (Interfax) - Vnesheconombank (VEB), which has been subjected to sanctions by the United States and the EU, is discussing other measures of state support besides the conversion of National Wealth Fund (NWF) deposits into Tier 2 capital with the government, VEB head Vladimir Dmitriyev said.

"In the present situation, when Western countries are putting an embargo on the long-term credit financing of key state-owned banks, the task is to find internal resources," he said on air on the Rossiya 24 television channel.

He said VEB is now working on this with the government and the Central Bank. "We are meeting understanding and readiness to provide us and other banks with government long-term ruble-denominated resources," Dmitriyev said.

He said VEB is planning to convert its dollar deposits, where NWF funds are located, into Tier 2 capital in the fall. This will allow for increasing the capital of the state corporation to approximately 220 billion rubles.

"We are now discussing other state support measures with the government," the VEB head said, not specifying which concrete measures were being discussed.

VEB in July became one of a number of Russian banks for which the U.S. and EU limited raising loans of a period of more than 90 days.

"We never left the borrowing market. The sanctions apply to the banks of those countries that announced these sanctions. But there are countries that behave differently toward Russia, more appropriately, in the spirit of relations between civilized countries that is generally accepted by the international community," Dmitriyev said in Yaroslavl.

VEB has other markets where it can borrow. "To the extent that this involves the development of our country, we and the state, the Central Bank are talking about providing long-term ruble resources to the banking system. The state has that potential. We will seek out the paths to a mix of ruble and foreign currency financing," he said.

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(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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