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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 30, 2015 No. 781

About approval of the Instruction about procedure for forming of the fund of required reserves placed in National Bank

(as amended on 21-02-2022)

Based on the paragraph of the sixtieth of Article 26 and part one of article 39 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES:

1. Approve the Instruction about procedure for forming of the fund of required reserves placed in National Bank it (is applied).

2. Recognize invalid:

the 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" (The national legal Internet portal of the Republic of Belarus, 20.01. 2013, 8/26808);

the resolution of Board of National Bank of the Republic of Belarus of December 31, 2013 No. 803 "About modification of the Instruction about procedure for forming by banks of the fund of required reserves placed in National Bank of the Republic of Belarus" (The national legal Internet portal of the Republic of Belarus, 06.02. 2014, 8/28325).

3. This resolution becomes effective since July 1, 2016.

Chairman of the board

P.V.Kallaur

Approved by the Resolution of Board of National Bank of the Republic of Belarus of December 30, 2015 No. 781

The instruction about procedure for forming of the fund of required reserves placed in National Bank

Chapter 1. General provisions

1. This Instruction determines procedure for forming by banks and non-bank credit and financial organizations of the Republic of Belarus (further if other is not determined, – banks) the fund of required reserves placed in National Bank for the purpose of regulation of money supply in the address, liquidity of bank system and smoothing of interest rate fluctuations in the money market.

The non-bank credit and financial organizations create fund of required reserves in case of implementation by them of placement attracted into accounts and (or) in deposits (deposits) of money of physical and (or) legal entities on its own behalf and at own expense on the terms of recoverability, the paid nature and urgency.

2. Fund of required reserves is part of the money raised by banks (further - means) which is considered on the account on accounting of fund of the required reserves and correspondent account of bank opened on balance of National Bank.

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

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

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

the standard rate of required reserves - the coefficient (as a percentage) applied to base of reservation to calculation of reserve requirements, established by Board of National Bank according to the legislation;

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, established by Board of National Bank according to the legislation;

the period of accomplishment of reserve requirements - the period during which banks shall support in fund of required reserves the established amount of means according to the schedule of the periods of accomplishment of reserve requirements which is annually established by National Bank;

settlement period - the period for which the base of reservation and the size of reserve requirements are calculated;

reserve requirements (required reserves) - the minimum amount of means supported by banks during the period of accomplishment of reserve requirements in fund of required reserves;

the average part of reserve requirements - amount of means which banks shall support on the correspondent account of bank opened on balance of National Bank;

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.

4. Banks create fund of required reserves based on the reserve requirements finished by National Bank.

Reserve requirements are calculated proceeding from the base of reservation created in settlement period and the existing standard rates of required reserves.

Banks support the fixed part of reserve requirements on the account on accounting of fund of required reserves, and the average part - on correspondent account, opened on balance of National Bank.

5. The following information is posted on the official site of National Bank on the global computer Internet:

standard rates of required reserves;

schedule of the periods of accomplishment of reserve requirements;

total volume of fund of required reserves and its structure;

the standard rate of the fixed part of reserve requirements;

coefficient of standard deduction;

the list of the banks creating fund of required reserves.

Chapter 2. Structure of the raised funds for calculation of base of reservation

6. The raised funds for calculation of base of reservation are included:

6.1. passive account balances of the 3rd class "Accounts on Transactions of Clients" *, except for passive account balances on accounting of the added interest expenses, 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 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 without 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 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 (account group 315 "The means received as ensuring obligation fulfillment"), join without passive remaining balance of separate personal accounts of the specified account group:

on accounting of the amounts of currency coverings provided by clients according to bank guarantees within active remaining balance of the corresponding separate personal accounts of the balance sheet account 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;

on accounting of means of clients for opening and (or) maintenance of open line items when making transactions with non-deliverable off-exchange financial instruments within active remaining balance of the corresponding separate personal accounts of the balance sheet account 1516 "The Means Provided to Nonresident Banks as Ensuring Obligation Fulfillment" on accounting of the funds of bank transferred to the external partner ** for opening and (or) maintenance of open line items when making transactions with non-deliverable off-exchange financial instruments;

passive account balances on accounting of the loans and other raised funds received from clients (account group 318 "Loans and other funds raised from clients"), join without passive remaining balance of separate personal accounts of the specified account group on accounting of the raised funds of nonresident clients in foreign currency;

______________________________

* 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, "Development Bank of the Republic of Belarus" open joint stock company 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, "Development Bank of the Republic of Belarus" open joint stock company.

** For the purposes of this Instruction persons specified in part one of Item 13 of the Presidential decree of the Republic of Belarus of June 4, 2015 to No. 231 "About implementation of activities in the Forex curb market" concern external partners.

6.2. passive account balances of group 49 "The emitted (issued) debt securities", the emitted (issued) debt securities intended for accounting of nominal value considered on depreciated cost and (or) at fair value through profit or loss reduced by discount size on the emitted (issued) securities with the discount income, their placement determined for date, except for:

passive remaining balance on personal accounts on accounting of the bonds nominated in foreign currency when specifying in the prospectus of the issue of condition that nonresidents of the Republic of Belarus can only be owners of these bonds;

passive remaining balance on personal accounts on accounting of bonds (regarding the funds raised from legal entities) in the amount of bond value of the banks which are in operational management of National Bank which 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, no later than the end of settlement period for which it is applied.

The size of remaining balance calculated according to part one of this subitem regarding the funds raised from legal entities decreases by the work of this size of remaining balance and coefficient of standard deduction.

The coefficient of standard deduction is used by banks when calculating base of reservation for the purpose of exception of base of reservation 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 and is posted on the official site of National Bank on the global computer Internet;

6.3. passive account balances 6302 "The amounts before examination - on the credit" and 6303rd "Transit accounts".

6.4. passive account balances of 1743 "The means received from the specialized financial organizations for repo operations" and 1744 "Means, received from resident banks on repo operations" regarding the funds raised according to transactions with the banks and the specialized financial organizations acting as brokers for clients legal entities, not being banks or the specialized financial organizations or clients physical persons.

7. The raised funds specified in Item 6 of this Instruction are distributed on the following groups:

group 1 "means of physical persons in national currency";

group 2 "means of physical persons in foreign currency";

group 3 "means of legal entities in national currency";

group 4 "means of legal entities in foreign currency".

8. In case of acceptance by the President of the Republic of Belarus or Board of National Bank of the decisions providing reduction of the raised funds, specified in Item 6 of this Instruction for the amount of certain liabilities and assets of banks, such reduction it is performed in the following procedure:

8.1. in case of reduction of funds for the amount of the assets nominated in foreign currency in first-priority procedure reduction of base of reservation from the raised funds on group 4, is made and in case of its insufficiency - bases of reservation from the raised funds on group 2;

8.2. in case of reduction of funds for the amount of the assets nominated in national currency in first-priority procedure reduction of base of reservation from the raised funds on group 3, is made and in case of its insufficiency - bases of reservation from the raised funds on group 1;

8.3. in case of reduction of the raised funds for the amount of the means allocated for acquisition of securities, the amount of reduction is determined as the cost of securities reflected in the documents confirming their purchase and remains invariable for calculation of base of reservation during the period of finding of securities on balance of bank. For the securities nominated in foreign currency, the amount of reduction of base of reservation is calculated by multiplication of their cost specified in the documents confirming the acquisition fact by the official rate of Belarusian ruble in relation to the corresponding foreign currency established by National Bank and the "Balance sheet" used for creation of form of the reporting according to the Instruction for forming and representation of form of the reporting "Balance sheet" approved by the resolution of Board of National Bank of the Republic of Belarus of December 28, 2012 No. 740 (further – balance of bank), for the corresponding day of settlement period.

9. The raised funds for calculation of base of reservation the funds raised by the branches of banks of the Republic of Belarus opened outside the Republic of Belarus are not included.

Chapter 3. Calculation of base of reservation and reserve requirements

10. The Base of Reservation (BR) is calculated separately on each of four groups of the raised funds specified in Item 7 of this Instruction on formula of average chronological

Формула 1 к Пост. от 30.12.2015 г. №781

where PS1, PSI and PSN - amounts of the raised funds for the beginning of the first, i-go (i accepts values from 2 to n - 1) and the last day of settlement period respectively, calculated taking into account requirements of Chapter 2 of this Instruction on group of the raised funds of j (j accepts value from 1 to 4);

n - the number of calendar days in settlement period.

11. The raised funds nominated in foreign currency are reflected in Belarusian rubles on the official rate of Belarusian ruble in relation to the corresponding foreign currency established by National Bank and used for creation of balance of bank for the corresponding day of settlement period.

The raised funds for the beginning of the day following behind the day which is in the non-working day according to the legislation are reflected according to balance sheet data for the last prior working day on the official rate of Belarusian ruble in relation to the corresponding foreign currency established by National Bank for the specified day.

12. The settlement period is established from the 1st on the 1st day of the next month inclusive.

13. The Reserve Requirements (RR) are calculated by formula

Формула 2 к Пост. от 30.12.2015 г. №781

where BRJ - the base of reservation calculated on j-y to group of the raised funds (j accepts values from 1 to 4);

Hj - the standard rate of required reserves established for the corresponding group j.

Chapter 4. Creation and submission by banks of information on reserve requirements

14. No later than the sixth working day of every month following settlement period (but not later than two working days prior to the beginning of the period of accomplishment of reserve requirements), banks send to National Bank information on the size of reserve requirements according to appendix 1 (further – information according to appendix 1). The specified information goes banks in the form of the official electronic document or the electronic copy of the paper document, the witnessed digital signature, with indication of number of the latest version of information on calculation of reserve requirements according to appendix 2 (further – information according to appendix 2), provided to National Bank.

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