On holding auctions to provide Bank of Russia loans in US dollars to credit institutions

On the 20 March 2015, the Bank of Russia will hold auctions to provide US dollar loans secured by the pledge of claims on loans in US dollars for the terms of 28 and 365 days. The auctions will have the following parameters.

Auction bids will be accepted from Russian credit institutions complying with the Bank of Russia capital requirements, and from the Bank for Development and Foreign Economic Affairs (a state corporation, Vnesheconombank), which should have signed, and valid as of the auction date, general credit agreements with the Bank of Russia to provide Bank of Russia FX loans secured by the pledge of claims on FX loans.

Auction type: Dutch auction.

Minimum interest rates: the US dollar LIBOR rates for comparable terms and effective on the closest date preceding the auction date, rounded to 4 decimal places and increased (each) by 0.75 percentage points.

Minimum bid: 1 million US dollars.

Maximum number of bids from a credit institution at the every auction: 2.

Only competitive bids are accepted.

Auction bids are accepted by Bank of Russia regional branches in hard copies.

Auction timing:

The reference to the Press Service is mandatory if you intend to use this material.