The government has secured its guarantees

In order to stimulate economic development and realize nationwide projects on priority directions, it was created the institution of state guarantees, which undergoes its transformation in the normative legal field at the present time. So that, it was found in the recent Resolution of the Government of the RF No.476, dated 21 May 2014, that the substitution of a bank, stated as a beneficiary in the state guarantee, by a new party is possible only in case of the compliance of such bank with the requirements to beneficiaries, set by appropriate normative legal acts, which govern relations on granting and performance of state guarantees.

The Russian Federation, as a guarantor, is interested in financial solvency and transparency of the scope of persons (banks, investors) being involved in the implementation of infrastructure projects of high priority, participants of which are determined by decisions of the Government, as well as by bodies authorized by the Government (by interagency or government committees, federal agencies of executive authority), which select principals (borrowers).

Moreover, it was foreseen that to pledge the claims on such state guarantees to the «Bank of Russia» will be possible only for banks, having the amount of internal capital more than 100 bln RUB.

Such measures are directed, finally, to the extension of refinancing opportunities of credit institutions by the side of the Bank of Russia and the creation of conditions for the increase in lending of the real sector of economy.