Vnesheconombank’s supervisory board regular meeting held

11 июля 2012 года
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Transcript of the beginning of the meeting:

D.A. Medvedev: Good afternoon again. Today we are holding the first meeting of the Bank's Supervisory Board with several new members. The Board now includes more of my deputies, who are responsible for activities in the relevant sectors. I hope that they will help enhance the efficiency of the Supervisory Board.

I would also like to congratulate Mr Dmitriev (Vladimir Dmitriev, Chairman of the Board of Vnesheconombank) on his new appointment, which was made on June 18. We wish you success in your work.

We have several major issues to discuss today, such as reviewing the report on VEB's performance for the year 2011 and some others. It's been five years since the law which formed the legal basis for the creation of Vnesheconombank was signed. On the whole, the Bank has been a success as a development institution and has played an important role during the crisis. By the way, we’ve just visited the customer service area, where we could watch transactions being conducted, and we talked about measures that had been taken during the crisis to improve the situation and support the economy. Naturally, the Bank supported the real sector of the economy and the Russian financial system, focusing on modernizing the economy and creating conditions for sustainable development of territories. Today, Vnesheconombank operates as a development group and includes several specialized institutions, such as subsidiaries, specialized companies and several other organizations that are united by the same goal. VEB’s loan portfolio as a development bank increased by 4.7 times compared with 2007 when the Bank was established and it amounted to 505 billion rubles as of January 1, 2012. The Bank is now participating in financing 112 investment projects, including modern factories, infrastructure facilities and a new passenger terminal at the international airport in Vladivostok, the automotive cluster in Kaluga, the modernization of carriage building works in Tikhvin and several other projects. Investments in innovation projects account for more than a third of VEB’s portfolio.  Finally, VEB is the founder of the fund managed by the operator of the programs for funding innovative projects of the Skolkovo Foundation, known as the VEB-Innovations Fund. The Fund’s financial resources in the amount of 1 billion rubles will be provided to conduct required scientific and technological expert examination, work out plans for commercializing innovative developments and prepare project documentation.

Last year, the Bank’s strategy up to 2016 was approved. The performance indicators included in it are quite ambitious: the Bank is to invest about 2 trillion rubles, almost 2.5% of GDP, in the Russian economy until the end of 2015. First and foremost, we should focus on the goals that we have set ourselves. Just like in any other organizations, we have to focus on improving corporate governance and internal controls within Vnesheconombank Group, as well as on ensuring adequate transparency levels of corporate governance bodies.

Opinions about VEB’s future as a state corporation vary. I formulated a certain position some time ago. We should approach this issue in a balanced way. In the near future, we will need to decide what the state can do to relieve VEB of some of its responsibilities, so that the Bank does not have to divert its resources for performing non-core functions. We’ll have to discuss all these questions in the near future.

I’ll just name two issues on the agenda. Firstly, we’ll discuss opening a credit line worth 8.3 billion rubles for the reconstruction of Izhevsk Thermal Power Plant 1. The project involves the construction of a modern combined-cycle plant at the existing plant to cover the deficit of heat and electricity supplies to Izhevsk. The borrower is TGK-5. Secondly, we’ll consider a number of applications for funding the construction of Olympic facilities. All of them are included in the program for the construction of Olympic facilities and the development of Sochi as a mountain and climatic resort.

Of course, these are not all the issues on today’s agenda. There are many more of them and most of them are fairly standard in nature. Let's get down to work. And now the floor is given to Mr. Dmitriev. Please, go ahead.

V.A. Dmitriev: Mr Medvedev and members of the Supervisory Board, first I would like to thank you for your positives assessment of Vnesheconombank’s activities. I realize that in part it is designed to encourage us in advance, but let me assure you that the Bank’s team is professional enough to accomplish the tasks assigned to us.

In fact, a large number of issues on today’s agenda are related not only to the activities of Vnesheconombank but also to activities of its subsidiaries. We happen to be the sole shareholder; therefore, all matters that need to be discussed at the shareholders’ meetings must be supported by the Supervisory Board as Vnesheconombank’s and its subsidiaries principal corporate governance body.

The first item on the agenda is the approval of Vnesheconombank’s annual report. I want to state outright that we have followed all the required procedures established at Vnesheconombank that are needed to submit issues to the Bank’s Supervisory Board. First of all, these are corporate governance bodies of our Bank, the Bank's Management Board and the working group responsible for preparing materials for the Supervisory Board’s meetings. All items on today’s agenda were agreed upon during the July 3 meeting of the working group responsible for preparing materials for this Supervisory Board. We have ironed out all inconsistencies and disagreements so all the items on today’s agenda have been fully agreed upon with the interested ministries and agencies and the shareholders who presented the interests of the Supervisory Board members to the working group. Therefore, we could go ahead and discuss each issue in detail, but to save the time I’d rather deal with specific items on the agenda that are, in my opinion, of crucial importance to us.

In particular, I would like to draw your attention to funding the construction of Olympic facilities. The point is that the draft resolution of our Supervisory Board regarding two facilities did not include a provision reflecting presidential instructions regarding the signing of agreements with Olimpstroy on the funding of projects, one of which is an investment project overseen by independent trade unions and the other is a project with regard to which we haven’t signed an agreement with Olimpstroy yet. Therefore, today we’ll include them in the draft resolution: these are Severspetsstroy and the project overseen by the Association of Independent Trade Unions of Russia.

The next issue that I would like to raise is also related to Olympic facilities. I am referring to the Roza Khutor project whose budget has significantly increased. We believe it would be justified from the point of view of securing Vnesheconombank’s interests and covering its risks to limit warranties of the organizations that are related to the project initiators to 15% of their assets of excess costs, if the cost of the project exceeds the original amount for reasons beyond their control. This position has also been included in a draft decision of the Supervisory Board.

The next item that I would like to bring to your attention is related to a range of directives issued by the Government and the Prime Minister on searching for ways to fund the projects of domestic heavy machinery and power engineering enterprises on terms and conditions that are competitive with those of foreign suppliers of relevant equipment. As you know, our businesses lose out for one simple reason: they cannot keep up with the financial conditions dictated by foreign suppliers; financial terms are linked to borrowing periods and, most importantly, to borrowing costs. So, we request you to give instructions to Vnesheconombank and line ministries, including recommendations to the Central Bank, to consider the possibility of extending credits on the terms that would match those offered by foreign exporters of relevant equipment.

We have reached understanding on most of the other issues, and they are included in the draft resolution of the Supervisory Board. Of these issues, I would like to single out the issue of re-financing or reassignment in favor of Vnesheconombank of the Baikal Pulp and Paper Mill’s accounts payable amounting to about 2 billion rubles owed to a number of creditors including Alfa Bank, Rusal Group and some other creditors. The position of Vnesheconombank and the working group responsible for preparing materials for the Supervisory Board meeting is as follows: refinancing of these loans or reassignment of accounts payable should be based on a government program for the future of the Baikal Pulp and Paper Mill and a corresponding program for its further modernization and rehabilitation, or shutting it down and dealing with the waste problem, etc. Any other scenario would leave Vnesheconombank to pay back the loans to the plant’s lenders and be saddled with an unresolved and long-standing problem of what to do with the Baikal Pulp and Paper Mill.  We would like you to support the following approach: Vnesheconombank will participate in funding the Baikal Pulp and paper Mill on the condition that the government and line ministries and agencies decide on the future of this enterprise.

I would also like to separately discuss confidential issues that we haven’t discussed at the working group meeting…

Dmitry Medvedev: All right, you can report on them confidentially then.

Vladimir Dmitriev: I think I’ve highlighted all the key points. If the Supervisory Board members have anything to add …

Dmitry Medvedev: Let’s get down to work.

<…>

* * *

Before the meeting of the Supervisory Board Dmitry Medvedev visited the customer service area of Vnesheconombank’s currency and financial operations directorate and the exhibition of archive documents from VEB’s repository.

Origin: Internet-Portal of the Government of the Russian Federation

Назад

Vnesheconombank’s supervisory board regular meeting held

2 апреля 2012 года
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Назад

V.V.Putin’s Opening Address:

Good afternoon esteemed colleagues. You know that today a passenger plane has crashed near Tyumen killing tens of people. Before starting our work today I’d like us to observe a moment of silence to honor those killed. I’d like to ask authorities and once more the Ministry of Transport and the Ministry of Health and Social Development to do their utmost to help families of those killed and all those injured.

Today, we’ll discuss the Bank’s performance, its objectives and plans for the future.

As far as the Bank’s performance is concerned, I’d like to highlight a special role Vnesheconombank played during the economic crisis: as part of crisis management measures VEB extended subordinated loans worth 400 billion rubles to Russia’s banking institutions and this made it possible to significantly improve the liquidity situation. The Bank provided 175 billion rubles to stabilize the national stock market. I’d like to stress that the Bank as I already repeatedly mentioned, returned all the funds to the Finance Ministry and it returned them with a profit from accrued interest in the amount of 13 billion rubles thus paying this sum to state coffers.

The Bank’s assistance to enterprises operating in the real economy amounted to 300 billion rubles and most importantly, VEB continued to play a systemic role as a bank for development.

In actual fact, Vnesheconombank has become an important integrated instrument for the development of the Russian economy. In the past four years VEB has significantly increased its participation in funding large-scale investment projects and they, as we can see, create new jobs and develop new technologies. VEB’s loan portfolio increased by 2.5 times, it’s a very good growth rate. In 2008, it was 190 billion rubles, in 2011; it was 505 billion, more than 505 billion. It’s a very significant amount, tangible for the economy as a whole.

Special priority has always been given to implementing major systemic innovation projects. I’d like to highlight such landmark projects implemented with VEB’s assistance as the largest Russian polypropylene manufacturing integrated facility “Tobolsk-Polymer”, creation of Sukhoi Superjet-100, building the Kaluga automobile cluster, modernization of the Tikhvin railway carriage works, reconstruction of the Khabarovsk refinery. Today, we’ll also discuss several high-technology projects to be partially funded by Vnesheconombank. Here I mean the construction of a liquefied natural gas manufacturing plant in the Tambov region as well as setting up production of photodiode lighting facilities in the special economic zone of Tomsk.

I’d like to stress the fact that in the past years Vnesheconombank participated in creating a principally new instrument for funding comprehensive programs aimed at developing territories of the Russian Federation; Vnesheconombank gives top priority to, namely, the North Caucasus and the Far East. Our today’s agenda includes two such projects – development of the Udokan copper ore deposit in the Zabaikalie Territory and building an innovation construction materials technopark “Kazbek” in the Chechen Republic.

Moreover, Vnesheconombank set up new institutions designed to support and boost the Russian economy’s competitive edge. This year the Russian Direct Investment Fund started to operate. The Fund is intended for increasing the inflow of direct investments into our economy. The Fund started to function pretty actively – new projects are emerging, investments are being raised, the Fund carries on business cooperation on a constant basis with the largest international investors.

I can’t help mentioning activity related to insuring our export credits. It’s a very important, interesting and necessary activity and we have to continue it. I hope that the Agency will be taking a part of financial risks. This is what’s happening now. The Export Credit and Investment Insurance Agency will be responsible for insuring credits for the supply of products to South-East Asia, CIS, Latin America and Africa and for supporting our exporters, producers above all in the non-raw materials sector, that is, mechanical engineering, automotive industry, aviation, radio electronics and chemical industry.

By late 2014, the amount of support for Russian exporters is to be about 500 billion rubles and the proportion of insured non-raw materials exports is to increase from 0.8%, as planned for this year, to 9.7% - almost by 10%. I’d like to mention particularly that assistance will be provided not only to major corporations but also to small and medium-sized enterprises. As early as in 2012, the Agency is to launch a pilot project aimed at insuring small and medium-sized exporter enterprises. By 2014, up to 3 thousand small and medium-sized exporter enterprises are expected to be insured.

Let’s start working.

Origin: Internet-Portal of the Government of the Russian Federation

 

VEB’s Supervisory Board Gives its Approval for Providing $300 million for the Udokan Initial Stage

NOVO-OGAREVO, April 2 – RIA Novosti. VEB’s Supervisory Board gave its approval on Monday for providing $300 million for preparing project-estimate documentation, developing feasibility study and making advance payments for equipment for the project aimed at developing the Udokan copper ore deposit in the Zabaikalye Territory, Vnesheconombank Chairman Vladimir Dmitriev told journalists.

“300 million dollars are to be provided for preparing project-estimate documentation, developing feasibility study, making advance payments related to the start of manufacturing equipment with a long production cycle”, said Dmitriev.

He added that a decision to further fund the project aimed at developing the Udokan deposit, one of the world’s largest copper ore deposit, will be taken on the basis of project documentation.

Dmitriev said that the Udokan copper ore deposit development project is a large-scale project, the total value of which exceeds 5 billion dollars.

According to him the project is to be implemented through engaging state institutions, natural monopolies and regional budget.

According to VEB’s Chairman, after identifying the pattern of the state’s and natural monopolies’ participation in developing the deposit’s infrastructure we can get a general idea and will be able to determine further needs for investments.

The Udokan deposit is one of the world’s largest deposits in terms of copper reserves. It is being developed by state corporation Rostechnologies together with Metalloinvest. As Head of Rostechnologies Sergei Chemezov said, in November of 2011, the partners had made a request to the Premier for arranging project financing through VEB. Chemezov said that they needed about 2 billion dollars for the first stage and that the whole project is preliminarily estimated at 6 billion dollars.

In September of 2011, the Baikal Mining Company (LLC) – an operator of the Udokan deposit signed a Memorandum of Intent with Vnesheconombank and VEB –Engineering, under which the state corporation and its subsidiary are to participate in developing the Udokan deposit. VEB intends to structure the project’s financial part and is ready to subordinate financial resources among other things through establishing a consortium of banks.

A month later in last March, the Baikal Mining Company signed an agreement on cooperation with the Industrial and Commercial Bank of China Ltd (ICBC) in developing the project jointly. Under the agreement ICBC might extend a credit with a possible participation of the export insurance agency Sinosure to the Udokan operator on the terms of project financing.

“At the current stage we are not discussing Chinese partners’ participation. It’s possible as an idea’, commented Dmitriev on Chinese partners’ potential participation in funding the project.

 

VEB’s Supervisory Board Gives Approval for Funding the Project on the Construction of an LNG Manufacturing Plant in the Tambov Region

NOVO-OGAREVO, April 2 – PRIME. VEB’s Supervisory Board gave its approval for funding project work on the construction of a liquefied natural gas (LNG) manufacturing plant in the Tambov region. The project is being implemented by the Tambov Gas Processing Company (OJSC), Vladimir Dmitriev told journalists.

“The project is worth several billion rubles but now we’ll fund a pre-project stage as well as an order for American equipment to be supplied with the assistance of US Eximbank”, he said.

Dmitriev didn’t specify the amount of financing saying that the project’s total value exceeds 5 billion rubles.

This project’s implementation will make it possible to launch a plant with an annual liquefied natural gas output of 400 thousand tons. It will supply communal services sector, transport and industrial facilities with ecologically clean fuel as well as ensure the creation of its consumption infrastructure. The project’s implementation is expected to mark a key step toward creating an intra-Russian LNG consumption market.

In late January this year, Russian Prime Minister Vladimir Putin visited an exhibition in Tambov. It made available information on the project to construct an LNG plant. Reportedly, the plant will consist of three stages. They started to build the first stage last year. A total amount of investments in the first two stages will be 16 billion rubles. The plant is scheduled to be fully launched by 2016 and it will manufacture more than one million tons of LNG per year. The project’s payback period is eight years. The plant is to supply LNG to enterprises of the Central Federal District.

 

VEB’s Supervisory Board Gives its Approval for Funding the Creation of a Construction Materials Manufacturing Technopark in Chechnya

Novo-Ogarevo, April 2. INTERFAX-AFI – Vnesheconombank’s Supervisory Board gave its approval for funding a project on the creation of a construction materials Technopark “Kazbek” in the Republic of Chechnya, Vnesheconombank Chairman Vladimir Dmitriev told journalists after a meeting of VEB’s Supervisory Board.

“We discussed issues related to the North-Caucasus region. Here I mean the project to construct a construction materials technopark in the Republic of Chechnya”, he said.

Dmitriev said that VEB was expected to enter into capital of this company. “A transaction provides for VEB to enter into capital of the North Caucasus Development Corporation”, he said stressing that it is an example when the corporation acts not only as a technical consultant but also as an investor.

Moreover, VEB’s Supervisory Board considered a number of projects associated with funding the Olympic projects.

“Today we are discussing projects related to reformatting certain projects to coming up with a universal scheme for preparing projects both in terms of investor commitments and financial leverage”, added VEB’s Chairman. He noted that they also considered responsibility of investors involved in funding the Olympic projects for exceeding these projects’ budgets in the case when it is not related to involvement of organizations responsible for additional work on making preparations for the 2014 Sochi Olympics, for example, such organizations as the International Olympic Committee.

 

VEB’s Supervisory Board Gives its Approval for Setting up Energy Financial Agency

Novo-Ogarevo. April 2. INTERFAX-AFI – Vnesheconombank’s Supervisory Board gave its approval for setting up a Russian Energy Financial Agency, Vnesheconombank Chairman Vladimir Dmitriev told journalists after a meeting of VEB’s Supervisory Board.

“An important issue that we have discussed today deals with setting up a Russian Energy Financial Agency, an institution to be created by Vnesheconombank and the Russian Energy Agency. This Agency is designed to provide financial and technical support for Russian energy service companies that propose their projects to banks (for financing)”, he said.

Dmitriev explained that this new institution would allow energy service companies to use a support mechanism through which commercial banks will be able to lend to these companies and fund their projects in the field of energy saving and energy efficiency.

 

VEB Can Enter Foreign Borrowing Market after Publishing its Financial Statements in line with IFRS

Novo-Ogarevo. April 2. INTERFAX-AFI - Vnesheconombank (VEB) still regards foreign borrowing market as attractive and will be able to enter it after publishing its financial statements for 2011 in line with IFRS, Vladimir Dmitriev told journalists after a meeting of VEB’s Supervisory Board.

“Foreign borrowing market is still attractive to us”, he said stressing that it is especially attractive after the successful placement of Russian eurobonds.

Answering a question when VEB can enter foreign borrowing market V.Dmitriev said that it could happen after the Bank prepares audited financial statements for 2011.

 

VEB’s Supervisory Board Confirms Two New Vnesheconombank Deputy Chairmen

Novo-Ogarevo. April 2. INTERFAX-AFI – Vnesheconombank’s Supervisory Board approved two new Vnesheconombank deputy chairmen at a meeting on Monday, Vnesheconombank Chairman Vladimir Dmitriev told journalists.

“Today we have decided to confirm decisions made earlier by the personnel and remuneration committee on filling vacant positions with two employees working for the Bank for a long time”, he said after a meeting of VEB’s Supervisory Board.

Alexandr Ivanov and Julia Karpova were appointed as new Vnesheconombank Deputy Chairmen.

A.Ivanov is to be responsible for supervising VEB’s entire activities related to raising financial resources on Russian and foreign markets, work with investors, international financial institutions as well as VEB’s activity associated with its participation in such banking consortiums as SCO and BRICS. He will be also responsible for supervising the Bank’s work with the Russian Direct Investment Fund and the Russian Export Credit and Investment Insurance Agency and Macquarie Renaissance Infrastructure Fund, added VEB’s Chairman.

Earlier Petr Fradkov was responsible for raising financial resources on financial markets at VEB.

J.Karpova who has been working for VEB since 1996 is to be responsible for supervising the Bank’s currency and financial operations. Before her appointment as deputy chairman she was in charge of VEB’s Currency and Financial Operations Directorate.

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