VEB willing to be 'more transparent' for CBR to get new instruments to bolster capital - Shuvalov

MOSCOW. June 9 (Interfax) - Additional instruments to bolster VEB's capital might require regulatory changes so that the Russian state development corporation becomes "more transparent" for the Central Bank, and a dialog is now underway on this matter, VEB head Igor Shuvalov at a meeting of the Council for Strategic Development and National Projects that President Vladimir Putin held on Friday.

Shuvalov recalled that VEB's supervisory board recently approved a strategy to 2030 that calls for the VEB Group, in partnership with the government and businesses, to support projects worth about 30 trillion rubles.

"Right now we have the necessary capital to start this work. We are starting it, but in the foreseeable future we will have to seriously negotiate on what capital sources we will use," he said.

"In order to have a conversation about additional capital, we, of course, understand our responsibility of absolute transparency for the financial authorities, for the market as a whole in order to ensure financial stability. And we are developing a constant dialog with the Finance Ministry, and with the Economic Development Ministry and with the Central Bank of Russia," Shuvalov said.

"We understand that it is not reasonable right now to simply request capital support from the federal budget. We're considering a wide range of options. And this dialog will probably require changes in the regulatory framework so that we are more transparent for the Central Bank. This dialog is being held," Shuvalov said.