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Activity to support the financial system of the Russian Federation
Foreign debt refinancing
In accordance with Federal Law of the Russian Federation ¹ 173 dated October 13, 2008 “On Additional Measures for Supporting the Financial System of the Russian Federation” Vnesheconombank is responsible for making arrangements for extending credits to refinance Russian companies’ foreign debts that arose prior to September 25, 2008.
As of the end of the first quarter of 2009, Vnesheconombank’s Supervisory Board made positive decisions on refinancing Russian companies’ and banks’ foreign debt obligations worth about 14.33 billion US dollars. (Excluding co-financing).
Credits were extended to enterprises operating in fuel and energy complex, construction industry, transport and telecommunications, mining industry, microelectronics, oil and gas complex, mining and metal complex.
Subordinated loans
Under Federal Law ¹ 173 dated 13.10.08, Vnesheconombank was commissioned to extend subordinated loans to banks and companies.
Protocols of Decisions by the Supervisory Board subject to Points 4, 6 and 6.1 of Federal Law Dated 13.10.2008 ¹173-FZ "On Additional Measures for Supporting the Financial System of the Russian Federation"
Total: decisions on extending subordinated loans were made for the amount of 408,02 billion rubles.
Support for the stock market
Vnesheconombank was commissioned to support the stock market in order to stabilize it and diversify funds of the National Wealth Fund.
In order to implement these measures Vnesheconombank received funds worth 175 billion rubles from the National Wealth Fund. As agreed with the Russian Finance Ministry, the said funds were invested in the instruments of the Russian financial market.
In December of 2009, Vnesheconombank returned 175 billion rubles in funds of the National Wealth Fund to the Finance Ministry ahead of schedule. The Bank also paid out 13.27 billion rubles as accrued interest on the deposit.
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