RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 28, 2012 No. 731

About approval of the Instruction about procedure for forming by banks of the fund of required reserves placed in National Bank of the Republic of Belarus, and recognition voided some regulatory legal acts of National Bank of the Republic of Belarus

Based on the paragraph of the eleventh of Article 26, and in pursuance of paragraph two of article 4 of the Law of the Republic of Belarus of July 13, 2012 "About entering of amendments and changes into the Bank code of the Republic of Belarus" the Board of National Bank of the Republic of Belarus DECIDES: parts one of Article 32 and part one of article 39 of the Bank code of the Republic of Belarus

1. Approve the enclosed Instruction about procedure for forming by banks of the fund of required reserves placed in National Bank of the Republic of Belarus.

2. Recognize invalid:

the resolution of the Board of directors of National Bank of the Republic of Belarus of July 26, 2007 No. 239 "About entering of amendments into the Instruction about procedure for forming by banks and non-bank credit and financial organizations of the fund of required reserves placed in National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2007, No. 197, 8/16938);

the resolution of the Board of directors of National Bank of the Republic of Belarus of November 21, 2007 No. 353 "About modification of the Instruction about procedure for forming by banks and non-bank credit and financial organizations of the fund of required reserves placed in National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2007, No. 290, 8/17515);

the resolution of Board of National Bank of the Republic of Belarus of April 29, 2008 No. 58 "About modification and amendments in the resolution of Board of National Bank of the Republic of Belarus of December 28, 2006 No. 225" (The national register of legal acts of the Republic of Belarus, 2008, No. 122, 8/18766);

the resolution of the Board of directors of National Bank of the Republic of Belarus of October 20, 2009 No. 337 "About modification of the Instruction about procedure for forming by banks and non-bank credit and financial organizations of the fund of required reserves placed in National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2009, No. 275, 8/21574);

the resolution of Board of National Bank of the Republic of Belarus of May 12, 2010 No. 152 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Belarus of December 28, 2006 No. 225" (The national register of legal acts of the Republic of Belarus, 2010, No. 123, 8/22351);

the resolution of Board of National Bank of the Republic of Belarus of February 24, 2011 No. 62 "About entering of amendments and changes into separate resolutions of Board of National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2011, No. 27, 8/23389).

3. This resolution becomes effective since January 22, 2013.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of December 28, 2012 No. 731

The instruction about procedure for forming by banks of the fund of required reserves placed in National Bank of the Republic of Belarus

Chapter 1 General provisions

1. This Instruction determines procedure for forming by banks of the Republic of Belarus (further – banks) the fund of required reserves placed in National Bank of the Republic of Belarus (further – National Bank).

2. Required reserves (reserve requirements) are one of the main instruments of regulation of money supply in the address, liquidity of bank system and smoothing of interest rate fluctuations in the money market and extend to banks.

3. The branches of banks of the Republic of Belarus opened outside the Republic of Belarus deposit required reserves according to the procedure, established by the legislation of foreign states in the territory of which they are registered.

4. Forming of fund of required reserves is performed in Belarusian rubles.

5. For the purposes of this Instruction the terms below are used in the following values:

fund of required reserves – part of the money raised by banks which is considered on the accounts (on accounting of fund of required reserves and correspondent account of bank) opened on balance of National Bank for the purpose of accomplishment of reserve requirements;

reserve requirements – the minimum amount of money (further – means) which banks shall support during the period of accomplishment of reserve requirements in fund of required reserves according to the procedure and on the conditions determined by this Instruction and other bank law;

the fixed part of reserve requirements – amount of means which banks shall support on the account on accounting of fund of required reserves for the end of the first working day and during the next calendar days of the period of accomplishment of reserve requirements;

the average part of reserve requirements – amount of means which banks shall support on correspondent account of bank in the National Bank according to the procedure determined by this Instruction;

the period of accomplishment of reserve requirements – the period during which banks shall support the established amount of means in fund of required reserves;

base of reservation – the settlement size of the funds raised by banks from which reserve requirements are created;

settlement period – the period for which the base of reservation and the size of reserve requirements is calculated;

the standard rate of required reserves – the coefficient (as a percentage) applied to base of reservation to calculation of reserve requirements;

the standard rate of the fixed part of reserve requirements – the coefficient (as a percentage) applied to reserve requirements to calculation of their fixed part.

Chapter 2 Calculation of reserve requirements

6. The settlement period is established from the 1st on the 1st day of the next month inclusive. Upon termination of each settlement period banks calculate the reserve requirements (RR) by formula

where BR – the base of reservation calculated according to Item 8 of this Instruction;

N – the standard rate of required reserves.

7. In case of establishment of the differentiated standard rates of required reserves for various components of base of reservation the reserve requirements (RR) are calculated by formula

where BRI – i-I constituting bases of reservation. At the same time the condition shall be satisfied

Hi – the standard rate of required reserves established for і - y the making base of reservation;

n – quantity of components of base of reservation.

8. The Base of Reservation (BR) is calculated by formula of average chronological

where PS1, PS8, PS15, PS22 and Ps1s – the amounts of the raised funds calculated according to Chapter 3 of this Instruction for the beginning 1, 8, 15, the 22nd and the 1st day of the next month. At the same time the raised funds nominated in foreign currency are calculated in equivalent of the Belarusian rubles reflected in balance of bank for the specified dates.

The bank can perfrom calculation of base of reservation daily.

For calculation of the base of reservation (BR) on daily basis the following formula is used:

where PS – the amount of the raised funds for the beginning of every day of settlement period calculated according to Chapter 3 of this Instruction;

n – the number of calendar days in settlement period.

Chapter 3 Structure of the raised funds for calculation of base of reservation

9. The raised funds for calculation of base of reservation passive remaining balance on the following balance sheet accounts of bank is included:

9.1. passive account balances 3 classes "Accounts on Transactions of Clients" *, except for passive account balances on accounting of the added interest expenses, means of banks and reserves on covering of possible losses on the means in calculations which are subject to obtaining from clients taking into account the following features:

passive account balances on accounting of means on the current (settlement) bank accounts of clients decrease by the amount of the foreign currency blocked in banks according to decisions of the President of the Republic of Belarus, the Government of the Republic of Belarus within availability of obligations in foreign currency to the corresponding client;

passive account balances on accounting of the income of the organizations of the Ministry of Communications and Informatization of the Republic of Belarus for translated transactions decrease (within passive remaining balance) by the size of active account balances according to the expense accounting of the specified organizations;

passive account balances on accounting of letters of credit join, except for passive remaining balance of separate personal accounts on accounting of letters of credit in the amount given by prikazodatel of currency coverings according to letters of credit within active remaining balance of the corresponding separate personal accounts of the balance sheet account No. 1516 "The means provided to nonresident banks as ensuring obligation fulfillment" on accounting of the amounts of the currency coverings according to letters of credit translated by emitting bank for benefit of performing (confirming, reimbursing) banks;

passive account balances on accounting of the means received as ensuring obligation fulfillment (group No. 315 "The means received as ensuring obligation fulfillment"), join, except for passive remaining balance of separate personal accounts of the specified account on accounting of the amounts of currency coverings provided by clients on bank guarantees within active remaining balance of the corresponding separate personal accounts of the balance sheet account No. 1516 "The means provided to nonresident banks as ensuring obligation fulfillment" on accounting of the amounts of the currency coverings according to bank guarantees translated by bank for benefit of the banks issuing or confirming bank guarantees according to its order;

passive account balances on accounting of the loans and other raised funds received from clients (group No. 318 "Loans and other funds raised from clients"), join, except for passive remaining balance of separate personal accounts of the specified account group on accounting of the raised funds of nonresident clients in foreign currency;

passive account balances on accounting of means of the single treasurer account (group No. 360 "Means of the single treasurer account") join, except for passive remaining balance of the balance sheet account No. 3601 "Deposits (deposits) on budget funds";

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* Balance sheet accounts are specified according to appendix 1 to the resolution of Board of National Bank of the Republic of Belarus of August 29, 2013 to No. 506 "About establishment of the Chart of accounts of financial accounting in banks and the non-bank credit and financial organizations of the Republic of Belarus and approval of the Instruction about procedure for application of the Chart of accounts of financial accounting in banks and the non-bank credit and financial organizations of the Republic of Belarus" (The national legal Internet portal of the Republic of Belarus, 12.10. 2013, 8/27947).

9.2. passive account balances of group 49 "The securities issued by bank", except for passive account balances on accounting of the added interest expenses regarding the actual price of placement of issued securities (nominal value minus the discount amount).

The specified remaining balance regarding the funds raised from legal entities decreases by bond value of the banks which are in operational management of National Bank. The received size of remaining balance decreases by the work of this size of remaining balance on coefficient of standard deduction.

Bond value of the banks which are in operational management of National Bank monthly is calculated National Bank on the basis of data of accounting settlement period and no later than the first working day of the settlement period following reporting is brought to the attention of banks which bonds were in operational management of National Bank during the accounting settlement period.

The coefficient of standard deduction is intended for exception of the funds raised due to release by banks of the securities which are in property of other resident banks. The coefficient of standard deduction monthly is calculated National Bank on the basis of data of the previous settlement period and is posted on the official site of National Bank on the global computer Internet before the end of accounting settlement period. The coefficient of standard deduction (Ksv) is calculated by formula

where TsBA1, TsBA8, TsBA15, TsBA22 and TsBA1s – amount of the securities acquired by banks issued by banks for the beginning 1, 8, 15, the 22nd and the 1st day of the next month;

TsBP1, TsBP8, TsBP15, TsBP22 and TsBP1s – amount of the securities placed by banks (at the actual price of placement regarding the funds raised from legal entities), except for bonds of the banks which were in operational management of National Bank for the beginning 1, 8, 15, the 22nd and the 1st day of the next month.

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