According to Interfax, VTB’s CEO Andrei Kostin has announced that the firm’s overdue loans to gross loans are unlikely to exceed 8% in 2009. The CEO also stated that the management expects an unprofitable 2009. Our view: VTB’s management had already indicated overdue loans of 8% and a net loss in 2009, thus this latest news will not surprise the market. We expect a neutral trading impact.