OREANDA-NEWS. December 1, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Nomos-Bank entered into an Agreement on the Reassignment of Rights of Claim under the Credit of the PIK Group of Companies in the amount of 262 million US dollars extended by Vnesheconombank in the autumn of 2008 under Federal Law № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” to refinance the company’s foreign debt.

Thus, Vnesheconombank has accomplished its mission to stabilize the PIK Group of Companies financial position and support it in the most difficult period of the financial crisis. Guided by the principle of non-competition with commercial banks, Vnesheconombank has withdrawn from the project in which a commercial bank showed its interest.

The reassignment of the credit was made at a par value (without any discount). Vnesheconombank returned a deposit and an interest on it in full to the Central Bank of the Russian Federation. The deposit was extended through using Russia’s gold and foreign currency reserves to fund this credit transaction.