INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 30, 2024 No. 6876-U

About procedure for investment of funds of reserve fund of credit consumer cooperative

This Instruction based on Item 3 of part 2 of article 5 of the Federal Law of July 18, 2009 No. 190-FZ "About credit cooperation" establishes procedure for investment of funds of reserve fund of credit consumer cooperative.

1. The credit consumer cooperative (further - credit cooperative) places means of the reserve fund created according to the procedure, No. 190-FZ determined by internal regulating documents of credit cooperative based on part 4 of article 25 of the Federal Law of July 18, 2009 "About credit cooperation" (further respectively - the Federal Law No. 190-FZ, the created reserve fund):

1.1. By placement in government securities of the Russian Federation.

1.2. By placement in government securities of subjects of the Russian Federation.

1.3. By placement on bank accounts and (or) for the accounts on deposits (deposits) opened for credit cooperative in the credit institution determined as systemically significant credit institution based on the Instruction of the Bank of Russia of April 13, 2021 No. 5778-U "About technique of determination of systemically significant credit institutions" <1> (further - systemically significant credit institution).

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<1> It is registered by the Ministry of Justice of the Russian Federation on May 17, 2021, registration No. 63482, with the change made by the Instruction of the Bank of Russia of October 6, 2023 No. 6569-U (it is registered by the Ministry of Justice of the Russian Federation on December 25, 2023, registration No. 76594).

1.4. By placement with observance of requirements of Item 2 presents of the Instruction on bank accounts and (or) for the accounts on deposits (deposits) opened for credit cooperative in the credit institution which is not systemically the significant credit institution which is at the same time conforming to the following requirements:

having the universal license for banking operations;

having credit rating is not lower than the level established by the Board of directors of the Bank of Russia according to Item 17.5 of part one of article 18 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)".

1.5. By provision of loans to credit cooperative of the second level based on part 1 of article 33 of the Federal Law No. 190-FZ with observance of requirements of Item 3 presents of the Instruction.

2. Means of the created reserve fund are placed according to subitem 1.4 of Item of 1 this Instruction in the amount which is not exceeding 50 percent of the amount of all means of the created reserve fund.

3. Means of the created reserve fund are placed according to subitem 1.5 of Item of 1 this Instruction in the amount which is not exceeding 5 percent of the amount of all means of the created reserve fund for the term which is not exceeding 90 calendar days (with possibility of numerous prolongation of effective period of the signed agreements of loans no more than for 90 calendar days).

4. The credit cooperative places means of the created reserve fund within 10 working days from the date of forming of reserve fund according to the procedure, determined by internal regulating documents of credit cooperative based on part 4 of article 25 of the Federal Law No. 190-FZ, but no later than the last day of the accounting period specified in Item 22 of part 3 of article 1 of the Federal Law No. 190-FZ in which the credit cooperative performs forming of reserve fund.

5. This Instruction is subject to official publication 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 September 25, 2024 No. PSD-31) become effective since October 1, 2025.

6. From the date of entry into force of this Instruction to recognize invalid:

Instruction of the Bank of Russia of September 24, 2015 No. 3805-U "About procedure for investment of funds of reserve funds of credit consumer cooperatives" <2>;

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<2> It is registered by the Ministry of Justice of the Russian Federation on January 12, 2016, registration No. 40542.

Instruction of the Bank of Russia of November 16, 2017 No. 4612-U "About modification of the Instruction of the Bank of Russia of September 24, 2015 No. 3805-U "About procedure for investment of funds of reserve funds of credit consumer cooperatives" <3>.

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<3> It is registered by the Ministry of Justice of the Russian Federation on January 23, 2018, registration No. 49722.

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