Transcript of the start of the meeting:

Vladimir Putin: Let us start with the crediting of industries, an issue we touch upon this issue at every meeting. What measures do you apply in this area?

Andrei Kostin: Mr Prime Minister, in these terms, the first quarter was rather dynamic for our bank: we boosted our loan portfolio by 130 billion roubles, which is an increase of almost 7.5%. This growth rate is slightly lower than in late last year, but we intend to keep at least a 2% monthly loan portfolio growth margin for industries, calculated in real terms.
Of course, we are concerned about these credits being rather expensive; naturally, it is quite a heavy burden for the economy, but there is currently no "cheap" money in Russia. We are working with a minimum margin in order to not overload the industries.

Vladimir Putin: What is your prognosis for further developments?

Andrei Kostin: I think that this year is certainly going to be challenging for banks, but the Central Bank and the Ministry of Finance secure liquidity to ensure further crediting. I can add that we manage to credit companies' working capital as well participate in large investment projects. For example, in May we will take part in the tender for constructing a new international airport in Pulkovo in the St Petersburg area.
In addition, there are major investment projects in our portfolio, namely the development of the Dynamo FC and the construction of a new modern football stadium that will meet all international requirements to host European and world championships. We have other investment projects that we will find money for, although it is not that easy today.

Vladimir Putin: You know, I ordered the Ministry of Finance to prepare and hold a meeting, which I will attend, to examine how and where banks with state participation invest the funds they receive from the government. This mainly applies to the money allocated to banks as part of the anti-recessionary plan. I would like you to submit detailed information about your bodies' work.

Andrei Kostin: All right, Mr Prime Minister.