Agenda: New methods of calculating VEB’s key financial indicators, restructuring of Olympic facilities loans.

Dmitry Medvedev’s opening address:

Good afternoon. This is the second meeting of VEB's Supervisory Board this year. We have summed up banks’ performance for the last year, including their consolidated financial statements under IFRS. The VEB Group did this too, and posted a net profit of more than 8.5 billion rubles, its equity increased by 45 billion to 577 billion rubles. But there are also certain problems.

One of the issues on our agenda today is the restructuring of loan agreements on Olympic projects. VEB became a main creditor of a whole number of Olympic construction projects. The Winter Games were held at the highest level, everyone is happy. But now we need to count money, we need to address post-Olympic issues.

Some investors have come up against serious problems and asked me for help me. After discussing several possible measures, we decided to restructure VEB’s loans. We will do this by rescheduling interest and principal payments. VEB has prepared its proposals to this effect. We’ll take individual decisions on each loan agreement on the Olympic facilities construction.

VEB helped our developers and investors a lot. Now we need to decide on how to use this post- Olympic legacy properly, so that both investors are happy and the bank’s interests as a specialised lending institution are served.

Furthermore, today we’ll approve new methods for calculating VEB’s financial indicators and discuss a whole number of other issues. One of them deals with exports and lending for exports - an issue we discussed at a Government meeting today. Therefore, we will have to add this issue to our agenda.

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