The meeting discussed the preliminary results of the bank's work in 2008. Opening the meeting of the Supervisory Board Mr Zubkov noted that "Rosselkhozbank significantly increased the rate of crediting in connection with the growth of its capital in 2008". In 2008 the bank's credit portfolio increased by almost 60% to 466 billion roubles. The volume of loans issued amounted to 333.6 billion roubles, 35.2% more than in 2007.
The largest amount of loans has been issued under the Government Programme of the Development of Agriculture and Regulation of Agricultural Produce, Raw Materials and Food Markets for 2008-2012. In 2008 Rosselkhozbank issued a total of over 255 billion roubles in loans under the state programme. Out of that amount short-term loans accounted for 78 billion roubles, investment loans for 17 billion roubles, and loans for construction, reconstruction and modernisation of livestock farms for 15.9 billion roubles.
Mr Zubkov stressed the importance of maintaining the volumes and terms of crediting of the agro-industrial complex agreed with the Agriculture Ministry. The First Deputy Prime Minister also stressed the need to improve the structure and quality of the bank's credit portfolio with particular attention to be paid to the problem debts.
The final assessment of the performance of Rosselkhozbank in 2008 will be adopted after the auditors submit a statement on the consolidated financial report of the bank for 2008 and the annual report on the bank's activities.
The Supervisory Board also reviewed the work of Rosselkhozbank to finance government interventions in the grain market. Mr Zubkov noted that "government purchases of grain have ensured stability in the grain market and made it possible to maintain the incomes of agricultural producers at a proper level".
At the same time, the First Deputy Prime Minister said that analysis dictated the need to optimise the mechanism of calculations, in the first place to shorten the period of payment for grain supplied. "We intend to use the potential of Rosselkhozbank for interventions in the market of powdered milk, which will begin in May. So, the procedure should be clear, transparent and highly effective," Mr Zubkov stressed.
During the discussion of the reports by the Chairs of the Supervisory Board committees Mr Zubkov stressed the need to speed up the preparation of Rosselkhozbank's Strategy. "We must determine the mission of the bank, its goals, tasks, targets and criteria of its effectiveness in the long term, including in developing the agro-industrial complex, and set the targets for increasing returns on capital and improving corporate management," the First Deputy Prime Minister said.