13 Jan 2011 14:54

VEB assets shrink 22% in 2010

MOSCOW. Jan 13 (Interfax) - Vnesheconombank (VEB) saw its assets contract 22.09% last year to a bit under 2.924 billion rubles from 3.752 billion, the bank said in a statement.

This was in large part due to less-volatile exchange rates last year than in 2009, as foreign currencies constitute a substantial part of bank assets, VEB said, and revaluation calculations made them shrink.

The bank's credit portfolio also decreased in size as loans were paid off or demand rights on loans by VEB using Central Bank funds were reassigned.

In the context of anti-crisis measures, VEB issued loans totaling $11.5 billion to ten Russian companies for foreign-debt restructuring. All those credits were repaid, and VEB returned the deposit issued to it to the Central Bank. VEB also issued seventeen Russian banks subordinated credits totaling 404.022 billion rubles.

The bank's assets grew 11.12% over the fourth quarter from 2.631 trillion rubles on October 1.