The volume of the credit portfolio as of October 1 was 414.1 billion roubles, an increase of 41.5% (by 121.5 billion roubles) over nine months.
In retailing, over 150,000 loan contracts worth more than 22.8 billion roubles have been concluded. The owners of private subsidiary plots received 15.7 billion roubles in loans. By October 1 the lending portfolio for individuals had risen to 54.9 billion roubles. The Bank's own capital is 84.4 billion roubles (up 76%). The working assets have increased by 49.4% (to 673.9 billion roubles).
The meeting also discussed the Bank's priorities for the coming period in the light of the situation in the world financial markets. "In the context of the world financial crisis Rosselkhozbank must pursue a balanced lending policy that is clear to all agricultural producers," Mr Zubkov said. In this connection Mr Zubkov stressed the need for Rosselkhozbank to keep its current lending rates under earlier issued credits, comply with the agreed timeframe of lending and ensure uninterrupted funding of priority investment projects.
The Supervisory Board also decided that Rosselkhozbank would join the Association of Farms and Agricultural Cooperatives of Russia (AKKOR). Membership of AKKOR would expedite the solution of the tasks facing Rosselkhozbank in developing private farms, as well as agricultural consumer and credit cooperatives.
In addition, the Supervisory Board approved the move to join the Canada Eurasia Russia Business Association (CERBA). That would enable the Bank to engage in fully-fledged dialogue with the business communities of Canada and Eurasian countries in priority sectors, including agriculture.