President of Russia Dmitry Medvedev: Good afternoon, dear colleagues!
Today we will continue to discuss the economy's problems, that is the large-scale financial crisis that has affected virtually all financial markets. I think that today we will simply exchange views on this topic.
All governments are struggling with these problems: they are working on them in the United States where the source of the problems is located, all European states are actively working on them, and we must continue to work. A number of decisions have already been adopted and we will be discussing a number of proposals together now. We will work on these and then inform all interested parties.
Let us quickly summarise the results of our meeting. It is clear that in current circumstances we will have to meet and rapidly discuss a number of pressing issues – something that you are already engaged in during your regular meetings of the government cabinet.
What decisions do I think we can make today. First, the decision about allocating a total amount of 950 billion rubles in junior loans to a number of banks for a period of no less than five years. The total amount can be broken down in accordance with our agreements as follows: Sberbank (Savings Bank) — up to 500 billion rubles, Vneshtorgbank (Foreign Trade Bank) — up to 200 billion rubles, Rosselkhozbank (Russian Agricultural Bank) — up to 25 billion rubles and other banks — up to 225 billion rubles.
Along with this we recognise that other banks may use this ratio if the bank's own funds that have been provided by shareholders amount to no less than 15 per cent of the bank's capital, and it is co-financed by a one-to-two ratio. This is the first decision designed to support the banking system.
And a second measure must accompany the changes in legislation which have already taken place. These modifications relate to a simplified regime for the recovery of debt secured by collateral and the restructuring of credit organisations.
All these proposals are still in rough form, though I would ask again that the cabinet finalises them and sends them to legislators as quickly as possible.
The meaning of our work today, as of that of our colleagues abroad, consists in taking all decisions as quickly as possible — and not only in this forum but also within the government cabinet — transmitting the documents to the State Duma and, following the adoption of all necessary laws, making decisions very quickly to clarify the relevant laws (I am referring to the acts of the cabinet and of the Central Bank). Speed is of utmost value. I would ask you all to think about this on a day-to-day basis.