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Ministry of Justice

Russian Federation

On February 25, 2020 No. 57599

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of January 20, 2020 No. 5391-U

About procedure for forming by the microfinancial organizations of reserves on possible losses on loans

(as amended of the Instruction of the Central bank of the Russian Federation of 29.06.2022 No. 6178-U)

This Instruction based on article 76.4 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2013, No. 30, the Art. 4084), Item 5 of part 4 of article 14 of the Federal Law of July 2, 2010 No. 151-FZ "About microfinancial activities and the microfinancial organizations" (The Russian Federation Code, 2010, No. 27, Art. 3435; 2019, No. 31, the Art. 4430) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of December 24, 2019 No. 35) establish procedure for forming by the microfinancial organizations of reserves on possible losses on loans.

1. Reserves on possible losses on loans shall be created by microfinance company monthly as of the last date based on accounting data without the other expenses (costs according to the transaction) connected with issue (placement) of money according to the loan agreement, the created reserves under impairment and the adjustments provided by Items 1. 12, 1.13 and 1.23 Provisions of the Bank of Russia of October 1, 2015 No. 493-P "Industry standard of financial accounting by not credit financial credit institutions of transactions on issue (placement) of money according to loan agreements and bank deposit agreements", No. registered by the Ministry of Justice of the Russian Federation on October 15, 2015 39330, on December 20, 2016 No. 44834, on September 5, 2017 No. 48082, on September 7, 2017 No. 48108, on November 25, 2019 No. 56612 (further - the Provision of the Bank of Russia No. 493-P), for date of forming of reserves on possible losses on loans.

2. Reserves on possible losses on loans shall be created by the microcredit company quarterly as of the last number of quarter based on accounting data without the other expenses (costs according to the transaction) connected with issue (placement) of money according to the loan agreement, adjustments and the created reserves under impairment provided by items 4. 10, 4.20 and 4.43 Provisions of the Bank of Russia of October 25, 2017 No. 612-P "About procedure for reflection on accounts of financial accounting of objects of financial accounting by not credit financial credit institutions", No. registered by the Ministry of Justice of the Russian Federation on December 11, 2017 49203, on January 14, 2019 No. 53337, on June 17, 2019 No. 54943 (further - the Provision of the Bank of Russia No. 612-P), or Items 1. 12, 1.13 and 1.23 Provisions of the Bank of Russia No. 493-P if the microcredit company according to Item 1.1 of the Provision of the Bank of Russia No. 612-P made the decision not to apply the Provision of the Bank of Russia No. 612-P, for date of forming of reserves on possible losses on loans.

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