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Vnesheconombank may begin securing regional bank loans
RBC, 01.11.2008, Moscow 15:45:11.The Economy Ministry has proposed the establishment of a system of regional banks' refinancing. The system, aiming to boost these banks' lending activity, is expected to enable the Bank for Development and Foreign Economic Affairs (Vnesheconombank) to secure their loans. The ministry included the proposal in its program for the development of competition in Russia, which was submitted to the government. According to the document, Vnesheconombank is to refinance regional banks either on the interbank lending market or the external market. Furthermore, the ministry believes that the Russian government must secure Vnesheconombank's loans to improve their quality. As a result of the move, mid-size regional banks will have equal competitive opportunities, which is expected to decrease the cost of targeted loans for small and medium businesses.
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