Transcript of the beginning of the meeting:

Vladimir Putin: How's it going? What's new?

Vladimir Dmitriyev: Overall everything is going smoothly.

Vladimir Putin: And how is lending to the economy?

Vladimir Dmitriyev: There is one matter that we wanted to put to the supervisory board. That is to report back on progress made in lending to the economy under the framework of the Government Commission on Sustained Development of the Russian Economy, and the aims you set of increasing the credit portfolio.

We planned that in the third quarter, in agreement with the other state banks, that Vnesheconombank's share of loans to the real sector of the economy would be 60 billion roubles in new money. In July we surpassed our programme, the one we set ourselves, by allocating over 31 billion roubles to the real sector. This included the defence complex, infrastructure, Olympic venues, and agriculture, among many other sectors.

Vladimir Putin: Good. What else do you consider fundamental and worthy of special attention on the agenda of the next supervisory board meeting?

Vladimir Dmitriyev: We are planning to make credit available for two projects that we consider very important: one is the future infrastructure financing of the oil and petrochemicals terminal complex at Ust-Luga. The figure would be around 15 billion roubles. And we are also starting to implement the Green Street project, which was discussed at the meeting you chaired on the shipbuilding complex. It is a factory in Primorsk, not far from Vyborg, where production and launching of state of the art heavy tankers and liquefied natural gas tankers is planned.

Vladimir Putin: That will be for Shtokman?

Vladimir Dmitriyev: It includes Shtokman. The project involves about 28 billion roubles.

Vladimir Putin: All right.