Finance Ministry

And what the Government and adopted now to compensate for the lack of economy of "long money"? – We used kvaziadministrativnye tools – subordinated loans, which serve to support the banking system by the Government and by the Central Bank. The fact that the subordinated debt may be included in additional bank capital, which in turn is part of the index as "the value of equity." Changing this parameter, its value can be the basis for the implementation of measures to prevent the bankruptcy of credit organizations, influence the internal control reservation made by the bank, the possibility of increasing the authorized capital of credit institutions, etc. But in fact, such Loans are a surrogate for 'long-term money' is a temporary measure in times of crisis, so the next goal is to not from central bank reserves, not from the reserves of the Government to give financial system, money and create an internal source of growth in free cash flow that market participants would use in long-term basis. – What a sensational statement was made in the forum? – Forum is really fraught with sensational moments. So, Vladimir Putin noted that in the medium term will come from the state capital a number of state-owned banks, including VTB, in which it came in times of crisis.

This statement on the resumption of the privatization (Sale) of state property and to reduce the state role in business sounds quite unexpected, especially given the continuing increase in the share of state banks in bank assets and pump their money, the Finance Ministry and Central Bank. Although the On the other hand, to maintain control over the largest state banks to the authorities is not necessary to have such high stakes as it is now – just 50% plus one share. Take for example the bank VTB. At this stage, the state's share in capital of this bank is 85.5%. – With the state banks is understandable.

Whether carried out restructuring and privatization of natural monopolies such as Gazprom? After all, the answer to this question is very important for all investors. – In the 90 years was privatization and restructuring of the oil industry, the process has had many controversial moments, but also led to positive results for the Russian economy for investors. In this decade the same in Energy – the restructuring of RAO UES '. As for the gas sector, the situation is more complicated. In the gas sector work rules. This differs from the world market of oil, because not all the hydrocarbon market is same. All gas contracts are mainly long-term, 10-15 years or more. And in order to ensure their implementation, the state should guarantee to consumers that Gazprom will be able to do it. Construction of Nord Stream through the Baltic Sea, South Stream under the Black Sea due to the huge investments engaged by Gazprom and its partners, which must be repaid. In investing 'Nord Stream' involved international investors. Therefore, the government makes here is an indisputable element, on the one hand, contributes to improving the confidence of potential investors to projects, on the other hand, guarantees have already invested a return on their investment. But despite this, the Government will eventually seek to liberalize the domestic market – to make it more marketable, actions will be aimed at the legalization of the market participants access to the pipe, to the infrastructure. But a monopoly on gas sales in foreign markets will be maintained in the short, medium term – exactly.