OREANDA-NEWS. March 26, 2012. An annual meeting of heads of export credit agencies in the G11 format was held in the city of Washington (U.S.). The meeting was organized by the U.S. Export-Import Bank.

For the first time the Export Insurance Agency of Russia (EXIAR) established in October of 2011 in the form of Vnesheconombank’s subsidiary, participated in the meeting. Vnesheconombank Board Member, EXIAR Director General Petr Fradkov made a presentation of the Agency.

In the course of the meeting its participants discussed EXIAR’s practical activity in insuring export credits and investments, promoting bilateral and multilateral cooperation, the current status and prospects for the development of credit markets, new principles of regulation based on Basel 3 and other issues.

Vnesheconombank has been participating in annual meetings of heads of export credit agencies in the format G11 since 2009. The meetings’ participants are EXIMBANK (U.S.), EDC (Canada), SACE (Italy), ECGD (Great Britain), NEXI (Japan), Coface (France), the German Federal Agency of Economics and Technology, Sinosure (China), SCEB (Brazil), Eximbank (India).

Basel 3 are new capital and liquidity rules. The rules were developed by the Basel Committee for Banking Supervision. The Central Bank of Russia is a member of this Committee. The rules were approved by the leaders of G20 countries at the G20 Seoul Summit in November of 2010. The rules are planned to be introduced starting from January 1, 2013. The rules are scheduled to be fully introduced on January 1, 20119.