Members of the Supervisory Council assessed the results of the bank's January-September 2010 performance. Over that period, the bank issued almost 97,000 loans worth 251.9 billion roubles to agricultural producers under the 2008-2012 state programme to expand the agricultural sector and regulate agricultural-produce, feedstock and food markets. This is a 10.7% increase over the same period in 2009.
The meeting's participants also examined efforts by top bank managers to reduce interest rates on a number of loan products. Mr Zubkov noted the need to make loans more affordable for the agricultural sector. "The bank's main objective is to promote loan projects and new investment projects, as stipulated by the State Programme for Expanding the Agricultural Sector, through a top-value interest rate policy," the First Deputy Prime Minister stressed. Mr Zubkov also noted the need to provide agricultural producers with financial resources on a regular basis, especially for the spring 2011 sowing season.
In closing, the meeting's participants reviewed the preliminary parameters of the bank's business plan, financial plan and funding programme for 2011. Next year, the bank plans to issue 15-25% more loans to agricultural enterprises, a key aspect of its operations. The bank's funding programme will make it possible to attract the resources needed to expand crediting-financial support for the agro-industrial sector and to expand the bank's credit portfolio. Notably, the programme objectives are designed to increase the borrowed funds of its clients.