VEB not a real bank!? Rachel Maddow

[MedusaX]

8. It is actually a "development funding" institution... not a consumer bank...

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State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.

Vnesheconombank is not a commercial bank, its activity is governed by special Law № 82-FZ which came into force on June 4, 2007.

VEB does not compete with commercial credit institutions and participates only in those projects that cannot receive funding from private investors. Under the Memorandum on Financial Policies, Vnesheconombank is to extend credits, guarantees and sureties under projects a payback period of which exceed 5 years and a total value is more than 2 billion rubles.

At present, Vnesheconombank Group* has been set up, it is comprised of VEB’s subsidiary institutions whose activities are designed to implement various provisions of the Law “On the Bank for Development”.


*This definition does not have a legal status and is not in line with the definition “the banking group” or “financial industrial group” in accordance with the Russian laws.
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http://www.veb.ru/en/about/today/