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The President said at the meeting that timely support measures had made it possible to stabilise the situation in the banking sector, top up banks’ cash resources, keep the country’s settlements system running, and keep people’s savings safe. But at the same time, high interest rates are making borrowing extremely difficult.

In this context, Mr Medvedev instructed the Government to speed up work on a law on using state funds to top up banks’ capitalisation.

The President said that efforts to introduce a system of state guarantees for the country’s most important enterprises have failed so far, and instructed the Government to complete as soon as possible work on drafting the necessary legal provisions.

Taking part in the meeting were First Deputy Prime Minister Igor Shuvalov, Deputy Prime Minister and Finance Minister Alexei Kudrin, Deputy Prime Minister and Government Chief of Staff Sergei Sobyanin, Presidential Aide Arkady Dvorkovich, Minister of Economic Development Elvira Nabiullina, Chairman of the Central Bank Sergei Ignatiev, First Deputy Chairman of the Central Bank Alexei Ulyukayev, Director of the Presidential Experts’ Directorate Ilya Lomakin-Rumyantsev, and the heads of Bank for Development and Foreign Economic Affairs (Vnesheconombank), Sberbank, VTB Bank, Russian Agricultural Bank (Rosselkhozbank) and Gazprombank.