VEB.RF received an update – Economy – Kommersant

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The White House has updated the memorandum on the financial policy of VEB.RF. The document defines the role of the state corporation in the implementation of government initiatives for the socio-economic development of the country, including restarting the investment cycle, supporting exports and innovation. The document de facto summarizes the reform of development institutions with their reorientation towards achieving national goals.

The White House approved a new version of the memorandum on the financial policy of VEB.RF – the corresponding order was signed by Prime Minister Mikhail Mishustin. The memorandum completes the reform of development institutions announced by the government to improve their efficiency and reorient towards the implementation of national goals. In the course of the reform, we recall that some of the institutions were transferred under the management of VEB.RF, which was assigned the role of coordinator.

The document, published on Monday, additionally fixes the role of VEB.RF in government initiatives for socio-economic development. VEB.RF is the coordinator of projects to eliminate infrastructure constraints, develop infrastructure and innovations, support exports, and improve the living standards of citizens.

“The Memorandum fixes the main parameters of the financial and investment activities of the state corporation and allows its clients to understand how and with what restrictions VEB.RF finances certain investment projects … VEB is a pivotal institution for the development of the state in the most important areas of the government’s socio-economic policy”, – explained Dmitry Grigorenko, Deputy Prime Minister and Chairman of the Supervisory Board of VEB.RF.

The government amendments provide for an increase in the financial stability of VEB.RF.

So, in addition to the existing criteria for financial stability (capital adequacy ratios and the maximum amount of risk per borrower or a group of related borrowers), the document introduces an indicator of the leverage ratio (the ratio between borrowed and equity capital).

Also in the new design, VEB.RF will closely cooperate with the Bank of Russia. In particular, the document provides for preliminary consideration by a working group under the Central Bank of methods for calculating the amount of capital of VEB.RF, the maximum amount of risk per borrower, and the value of the leverage ratio. The corporation believes that the new instruments for monitoring the financial stability of VEB.RF and closer cooperation with the Bank of Russia will increase the confidence of investors and partners.

Following the renewal of the memorandum, the Bank of Russia, in turn, expanded the ability of banks to invest in debt instruments of VEB.RF. Thus, the ruble credit claims of Russian banks on VEB.RF will be weighted with a reduced risk ratio of 20% when calculating mandatory ratios.

Diana Galieva

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