Opening remarks by Prime Minister Dmitry Medvedev:

Good afternoon, colleagues. We meet fairly regularly to discuss the current situation and the banking sector’s prospects. As we agreed some time ago, today we will focus on policy issues, including bank liquidity and loans to the real sector of the economy. Large and not so large industrial, agricultural and other businesses have repeatedly asked me to address this issue.

The availability of loans is a prerequisite for technical modernisation. Manufacturing and infrastructural businesses need low-cost and long-term funding, which is crucial for the implementation of major investment projects. Of course, as we try to support macroeconomic stability and curb inflation, we must not forget about economic growth based on industries rather than oil and gas exports.

The policy priorities established by the Government include increasing banking sector assets to 104 trillion roubles. In February, the Government approved a programme for expanding the financial and insurance markets and for creating an international financial centre. I hope that major banks and other financial institutions present here will take part in this work.

More to be posted soon...