Transcript of the start of the meeting:

Vladimir Putin: Good afternoon. How's your operation?

Andrei Kostin: The bank's operation is stable, Mr Putin. I would like to report a 65% growth in the group's loan portfolio across Russia in the past 11 months. It even grew 25% over September, October and November, amid generally tightening markets, to 2 trillion roubles from 1.2 trillion.

Vladimir Putin: To what sectors?

Andrei Kostin: Our current priorities are the defence industry, the auto industry, housing construction, the airline industry, the ferrous and nonferrous metals sector, retail trade, agricultural engineering and power generation.

Vladimir Putin: You and I have visited the jet engine and gas turbine producer, Saturn. How are they doing?

Andrei Kostin: We disbursed the first 3.5 billion-rouble tranche to Saturn on Monday, which the company used to refinance bond liabilities. The agreement envisages two more tranches, all totalling 11.5 billion roubles - I mean the agreement you have mediated in Rybinsk. Saturn will have stable financing, and we will have no problem implementing new technologies.

Vladimir Putin: That's good.