| ???????????????? ???????????????? ???????????????????? ?????????????????????????VEB will show even more impressive results, if not to divert it to the non-core activities? ???????????????????? ????????????????????????Vladimir Dmitriev on what Vnesheconombank is different from other development banks ???????????????? ???????????????? ???????????????? ???????????? |
| ???????????? ???????? | ???????? ???????????? ????????????????  ???????????? ????????????????We believe it is important to maximize the concentration of all the resources of the bank to cover the implementation of functions and reduction of non-core, uncharacteristic of the Development Bank ???????????? |
significant infrastructural, industrial and housing projects funded by development institutions around the world. Five years ago Russia made a bid for such institutions by creating, in particular, the Development Bank on the basis of Vnesheconombank of the USSR. Today, sold hundreds of major infrastructure projects, modernization projects and create new import-substituting industries throughout the country. Most of them ? with the support of VEB. However, the experience of development banks in Brazil, China and Germany suggests that the possibility of a development bank Vnesheconombank still not used to 100% due to a number of circumstances, described in an article specially for ?Kommersant? Vnesheconombank Chairman Vladimir Dmitriev.
logic of the assets and liabilities
In recent decades, development banks are increasingly dense and coordinate their activities with each other, promoting the paradigm sustainable national and supranational development, project finance, corporate and social responsibility. To do this, create the international association of institutions, in particular, the International Club of development finance (International Development Finance Club, IDFC), in the activities which Vnesheconombank is actively involved.
Regular contacts between banks of different countries to help scrutinize their accumulated experience. Much of that has been successfully used by our colleagues abroad, can be effectively applied in the Russian reality.
Consider the example of the Brazilian development bank BNDES. This country?s leading financial institution that provides long-term financing within the strategic priorities of the government. In 2010, among the BRICS countries, development banks BNDES ranked second (after a Bank of China) in terms of assets and capital. More than half of its liabilities generated by the resources of two Brazilian state funds ? the Fund to support workers (FAT) and the Consolidated Fund of the program of social inclusion and income generation programs of public servants (PIS-PASEP). The source of these funds are fixed payments of taxes on payroll paid by employers in the budget. Funds, in turn, place a large portion of the funds at a discounted below the market rate in the form of deposits in the BNDES. The urgency of such deposits is 30-40 years, exceeding the term of any market-based funding sources, and thus creating a basis for the stable operation of the development bank with the most complex projects with long payback periods. Therefore, there is no problem BNDES funding. So, in 2010, BNDES capital was increased by 2.5 times from the resources of the state budget. Resources have been allocated to support investment projects to accelerate the growth of the Programme (PAC) and the sustainable investment program (PSI).
BNDES example demonstrates a clear correspondence between the logic of its assets and liabilities. If the direction of the classic investment bank development, by definition, beyond the purely market-based projects, it is logical and what sources of funding the bank can not be purely market.
It should be noted that the Vnesheconombank this logic operation is currently somewhat broken, and he is in a different situation: the bank has a significant share of a purely market-based liabilities. After the State?s contribution to charter capital, or other quasi-fiscal cost of direct investments, not related to specific projects, EBV has not received. Deposits of the Central Bank placed with VEB in autumn 2008 for the renovation of Svyaz-Bank and the Bank ?Globex? are strictly targeted and are payable ? bank transfers them to the Central Bank interest payments of 13 billion rubles. a year.
But VEB assets primarily non-market ? is investing in projects that have payback periods, greatly exceeding the market average, but with high social effects. Throughout the world, externalities, socially significant effects of major infrastructure and economic projects, funded by taxpayers.
In this sense, Vnesheconombank has created a precedent of successful series of borrowings in foreign and domestic markets allows the bank to realize its development titular function, combining seemingly incompatible. At the same time warning signals that we received from the market in late 2011, indicate that to ensure the smooth development and financing of investment projects VEB is very important to be able to maneuver. One of these opportunities we see in the expansion of ways of investing pension funds managed by Vnesheconombank as an agent of the government and the National Welfare Fund, referred to the Board of Ministry of Finance in April 2012. In particular, it seems appropriate to include in the portfolio VEB infrastructure bonds. Of fundamental importance is carefully targeted use of resources mobilized through the emission of the latter, as well as the granting of such bonds by direct Treasury guarantees.
Linkcountry
One of the most logical areas of infrastructure bonds ? construction of railways. In this sense, can be considered a successful example of China and China Development Bank (KDB), whose task is a low-interest loans for key infrastructure and basic industries. Selection Committee determines the credit facilities for development and reform of the State Council. One of the BRC funding priorities in recent years, the program is to build a network of high-speed rail, according to the length of which (approximately 8 sq km), China is now ranked first in the world. The volume of funds invested in the creation of BRK network of national railways reached the end of 2010 include $ 25.7 billion highway construction ? Guangzhou-Wuhan highway length 1,068 km, the average commercial speed of trains on which is 350 kilometers per hour (maximum ? 394 km per hour), which substantially exceeds the specification SCM-speed lines in Japan and France. A key source of funding of these, for that matter, and other investments sector DBK ? special issue of the bonds, the so-called policy banks financial bonds.
In Russia today there are also projects to build high-speed lines, but their implementation is limited by practical difficulties in involving financing. Deficiency of the investment program of OAO RZD only for the next three years is estimated at 400 billion rubles., And the closure of the scheme deficit by issuing infrastructure bonds with government guarantees Railways finds no support. Currently, the estimated investment in the project VSZHM-1 ? a road that would connect Moscow and St. Petersburg, is 500-700 billion rubles., The funding of this project in the federal budget for 2012 and 2013 are not provided. In our opinion, one of the sources of deficit financing for this project could be the issue of infrastructure bonds.
Skeptics argue that in the absence of direct and full state guarantee on such securities to investment attraction will be small. However, the global experience in financing infrastructure projects is very rich. In particular, it appears as a security infrastructure bonds could be involved such a tool, as funding through tax increment (tax increment finance), resulting from the implementation of projects.
need for Russian companies in the financing of the initiators of the project is extremely high and clearly exceeds the current capabilities of Vnesheconombank. In this regard, consider it extremely important to maximize the concentration of all the resources of the bank to cover the implementation of functions and reduction of non-core, uncharacteristic of the Development Bank. Unfortunately, currently we are often faced with the important and responsible tasks, which should certainly be done, but that does not fully correspond to the logic of the development bank.
Front cover
Unlike Vnesheconombank, the Brazilian BNDES virtually no restrictions on the areas of industry investment. If the Memorandum of financial policy prohibits the VEB loans to invest in oil and gas, the BNDES lends active and Brazilian oil companies, in particular, Petrobras, and mining giant, the company VALE, and projects for the production of bioethanol, supports beef cattle, and, of course, the electricity and hi-tech.
If the presence of branch restrictions in the Russian context is justified, since one of the problems facing the country ? to overcome the dependence on natural resources of the economy, the other current limit, which is absent at the BNDES, Vnesheconombank seems somewhat superfluous. The fact that the recipient of BNDES support tools can be controlled even by foreigners. The only fundamental condition ? they must be registered in Brazil, have a headquarters and governing bodies in the country. It is an instructive example of creating a clear incentive for non-residence offshore companies operating national assets.
Stages and sequence of removal of industrial and size constraints on the supported VEB businesses and projects ? the subject of serious analysis and discussion. Vnesheconombank has already initiated the removal of the 25 percent limit on foreign ownership in those SMEs that receive support from a group of Vnesheconombank, including through our subsidiary SME Bank. Relevant work with legislators already underway.
Another aspect of our business, which requires careful study, ? a kind of ?failure? for medium-sized businesses. The fact that the lower limit of the amount of loans granted by Vnesheconombank directly to end borrowers, is today one billion rubles. Simultaneously, the upper limit of SME loans, refinanced under the program of our subsidiary SME Bank ? 150 million rubles. As a result, the entire ?middle? loans ranging in size from 150 million to 1 billion rubles., Excluded from the regulatory area of ??our expertise and support, while the values ??in this range is fixed by a huge shortage of loans not covered by commercial banks.
Solutions to this normative conflict may be different. This and additional capitalization from the budget, and expanding the functions of SME Bank (Vnesheconombank, moreover, that has already decided to send in the SME Bank to 10% of its profits each year). However, international experience suggests that it is necessary and the creation of a special mechanism ? a special ?window? ? to support the fast-growing medium-sized enterprises. For example, the BNDES has a program to provide automatic credit lines ? BNDES Automatico. Loans are available through authorized banks and organizations for the long term with a grace period. So that is another possibility, which we use in our practice ? the creation of specialized structures to support medium-sized businesses. EBV is currently subject to negotiations KfW German corporation to establish a fund which would satisfy the needs of medium-sized businesses in the financing. At the same time we are actively cooperating with the Agency for Strategic Initiatives, which supports medium-sized businesses. At the same time there is no doubt that this area can and should be strengthened.
roof over your head
would be a mistake to assume that the activities of development banks focused exclusively on megaprojects in infrastructure and heavy industry sectors. The most important aspect of their operations ? support for housing construction and development of the housing market. From this point of view of the extremely instructive experience of the German development bank, Kreditanstalt fuer Wiederaufbau (assets at the end of 2010 ? $ 591 billion, second in the world). It is worth noting that the KfW ? the largest issuer of corporate bonds in Europe, with all loans it has a sovereign guarantee.
There are currently ten programs KfW to support and develop housing in Germany. Total funding for them in 2010 reached ? 18 billion program aimed primarily at energy-efficient modernization of housing stock, the adaptation of housing for the elderly, energy-efficient construction and maintenance, facilitate the acquisition of shares in housing co-operatives.
is important to note that funding for these programs KfW carries out directly to consumers, and through the refinancing of commercial banks and specialized financial institutions.
VEB support the housing market today is limited to relatively small amounts of ransom AHML and bonds of commercial banks, secured by pools of mortgage loans with the standard constraints on the profitability of the market (weighted average coupon yield of not more than 7% per annum). The severity of the housing problem in Russia today, when 60% of the population is unable to improve their living conditions or market or non-market way, and 15-20% of the households were forced to live under one roof, requires activation of Vnesheconombank in this area. It seems justified to expand the forms and easing VEB refinancing mortgage programs of commercial banks.
hard-won victoryIn coming years, Russia has a massive re-industrialization. In this regard, it is obvious that the Development Bank will play a significant role in this process: we already have extensive experience arranging financing for large and very complex projects that have a reputation that allows you to organize the drawing on the unique circumstances and the Group of Vnesheconombank, in which possible implementation of various measures aimed at diversifying the economy.
At the same time to carry out large-scale and ambitious targets requires extreme concentration of resources and maximizing the efficiency of our work. I am sure, Vnesheconombank may show an even more impressive results, if not stop him from work: not to divert non-core activities, to soften the legislative restrictions on its activities and to enable the best use of financial resources, which at the moment available in the State. In this case, the last term success will be prioritizing: we need to select multiple industries in which Russia has not lost its competitive advantage, and make them the foundation of a new re-industrialization and modernization. In this regard, the experience is indicative of the Brazilian Embraer, which in 1969 tried to enter the world?s elite aircraft manufacturers. Success also came to her only in the mid-?90s, when Embraer concentrated its efforts on the creation of small regional jets, frozen for the time being everything other areas of development and production. After releasing its first regional jet in 1996, the company began to actively develop the national market is gradually going beyond its limits and opening up distribution centers in the U.S., Asia, Europe and even Australia.
Embraer is among the priority projects of the Brazilian Development Bank for many years, being one of the largest recipients of loans and the principal beneficiary of the support program. Moreover, the promotion of Embraer BNDES has helped not only with money. Hard skhlestnuvshis with Canadian Bombardier orders in the struggle for air carriers around the world, BNDES was able to fight off claims fraught with serious sanctions Canadians in the WTO, accusing Embraer in the presence of export subsidies by the state.
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