Credit institutions to start using personal accounts for Bank of Russia credit and deposit operations
To enhance electronic workflow, from 23 January 2019, the Bank of Russia will introduce personal accounts1 to exchange electronic documents related to deposit and credit operations with credit institutions.
Starting from 23 January 2019, credit institutions wishing to participate in deposit auctions will only be able to submit documents to the Bank of Russia via their personal accounts.2
Under standing refinancing instruments,3 from the above date, credit institutions will be able to submit the following documents to the Bank of Russia only via their personal accounts:
- applications for Bank of Russia loans;
- petitions to revoke an application for a Bank of Russia loan;
- applications to participate in a credit auction;
- petitions to cancel an application to participate in a credit auction;
- notifications of an early settlement of Bank of Russia loan;
- securities transfer applications;
- applications to exclude non-marketable assets from the pool of collateral and (or) the pledged items.
Information on the procedure for conducting electronic document workflow via personal accounts under deposit and credit operations, including electronic message formats (UFEBM Album), is available in the ‘Personal Account’ section on the Bank of Russia website.
1 Pursuant to Bank of Russia Ordinance No.
2 It will still be possible to submit documents using the Thomson Reuters trading system software and hardware as well as via the Moscow Exchange Electronic Trading System.
3 Document exchange procedures established in accordance with an electronic document exchange agreement while transferring funds within the Bank of Russia payment system concluded between the Bank of Russia and the credit institution (via AWS of BoR FMS customer) will be used to exchange documents for the purpose of using standing refinancing instruments.
The reference to the Press Service is mandatory if you intend to use this material.