of September 13, 2013
About carrying out credit auction by the Bank of Russia on provision to credit institutions of the credits of the Bank of Russia provided with non-market assets on floating interest rate
The Department for External and Public Relations of the Bank of Russia reports that since September 16, 2013 the system of instruments of monetary policy of the Bank of Russia is supplemented with auction for loan granting, provided with non-market assets, according to the Provision of the Bank of Russia of November 12, 2007 No. 312-P "About procedure for provision by the Bank of Russia to credit institutions of the credits provided with assets or guarantees" on floating interest rate for the term of 3rd month. When holding the specified auctions use of guarantees of credit institutions as providing on the granted loans is not supposed.
As floating component when calculating cost of the loans granted to credit institutions by results of credit auctions value of key interest rate of the Bank of Russia will be applied. According to the solution of the Board of directors of the Bank of Russia of September 13, 2013 the minimum spread to the level of key interest rate of the Bank of Russia for credit auctions for the term of 3rd month is established in the amount of 0,25 of percent point.
Carrying out the specified transactions will increase the clearness of signal of percentage policy of the Bank of Russia, will allow to release partially the market providing received by the Bank of Russia on liquidity provision transactions and, as a result, to improve functioning of the money market.
Holding by the Bank of Russia the auctions for loan granting provided with non-market assets for the term of 3rd month will be performed on quarterly basis. Parameters of carrying out these transactions will be determined on the basis of the forecast of forming of bank liquidity taking into account indicators of use by credit institutions of market providing.
On October 14, 2013 the auction for provision to credit institutions of the credits of the Bank of Russia provided with non-market assets on floating interest rate for the term of 3rd month with the following parameters will be held:
|
Date of auctions |
Date of provision of means |
Date of return of means |
|
14.10.2013 |
15.10.2013 |
14.01.2014 |
Method of carrying out credit auction: Dutch.
The maximum amount of the provided means: 500 billion rubles.
Minimum interest rate of provision of means: the key interest rate of the Bank of Russia operating at the time of holding the auction, increased by 0,25 of percent point.
Minimum amount of one request: 25 million rubles.
The maximum quantity of the requests accepted from credit institution for participation in auction: 3.
Information on the maximum amount of provision of means for separate credit institutions will be brought to credit institutions in addition.
Regulations of credit auction:
|
Order taking |
till 14:00 local time |
|
Holding the auction |
till 17:00 Moscow time |
The following credit auction is planned to be carried out on January 13, 2014.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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