The Bank of Russia proposes to provide for automatic mechanisms for additional capitalization of development institutions in connection with an increase in their role in the structural transformation of the economy, while the state should take into account the need for additional capitalization when planning budget expenditures.
Such a proposal is in the Central Bank’s document on key directions for the development of the financial market in the face of sanctions, it has been published for discussion.
According to the Central Bank, the creation of a single transparent mechanism of the so-called approved capital for all development institutions can become effective. This is the part of the authorized capital of the development institution, which is formed at the expense of subsidies from the federal budget and the subsequent making of additional property contributions from the state when the development institution reaches the trigger values of financial stability standards.
The most clear mechanism for approved capital has been developed in relation to VEB.RF, it can be scaled to other development institutions, the Central Bank believes.