Transcript of the beginning of the meeting:

Vladimir Putin: Mr Kostin, I supported your idea for the bank's involvement in the reconstruction of the Dynamo stadium in Moscow. How is the project progressing?

Andrei Kostin: Mr Prime Minister, the stadium is mentioned in Russia's bid for the 2018 World Football Cup. An international bid was held in late June [for the best design of the Dynamo stadium] where projects from six countries were offered. The winning design came from the Russian-Dutch project that calls for the construction of 350,000 square meters of sports facilities, including a football field seating up to 45,000 people and a universal sports arena for holding hockey, basketball and other competitions. We have assessed the cost of the project at upwards of 16.5 billion roubles ($540 million). It is to be completed in 2016 at the latest. We plan to start modernisation next year. It is important that the project requires the preservation of the current stadium as a historical monument...

Vladimir Putin: You mean its historical appearance.

Andrei Kostin: ...and also the construction of a new stadium above or within the old one.

It will be the most modern sports facility in Moscow. We are sure the project will be implemented on time and will become a perfect site for sports functions and also for family leisure. Families will go there for rest and recreation, or to watch a film or attend a sports event. The project is already in full swing.

Vladimir Putin: A stadium to seat 45,000 people: is this a FIFA request?

Andrei Kostin: Yes, and we are also changing the stadium's end zones to satisfy FIFA requirements because the old stadium did not run exactly north-south. We are changing this now. The new design also meets safety recommendations with the number of exits. It will also meet all other requirements. Moreover, there were FIFA delegates on our expert commission and it was they who approved the project, which means we should have no problems [with FIFA].

Vladimir Putin: It is important to keep FIFA informed so that it will feel involved in the process. Your bank is also contributing to many other construction projects, including the construction of housing for servicemen.

Andrei Kostin: Yes, we are co-financing such construction projects in the Krasnodar Territory and the Tula and Kaluga Regions. This year we will finance the construction of about 100,000 square metres of housing for servicemen. Besides, the bank is not only financing these projects but is also monitoring progress at a considerable number of housing construction projects, in particular projects with a floor space of more than 500,000 square metres this year and 3.5 million square metres within five years. There are also social projects, such as the reconstruction of the Detsky Mir (Children's World) store, which is to begin in October. That project will cost approximately 6 billion roubles ($196 million).

Vladimir Putin: When do you plan to finish it?

Andrei Kostin: In 2012. It will truly become a children's world, a centre with a movie theatre and a children's theatre where you can go not only to shop but also for weekend recreation. The bank is financing such projects and monitoring their progress.

Vladimir Putin: This is good.