On results of Bank of Russia credit auctions to provide US dollar loans secured by the pledge of claim on US dollar loans to credit institutions

On 20 March 2015, the Bank of Russia held credit auctions to provide US dollar loans secured by the pledge of claim on US dollar loans to credit institutions.

The 28-day credit auction was recognised as failed due to the lack of bids.

The 365-day credit auction was attended by three credit institutions. Bids offering interest rates in the range of 1.4469% p.a. to 1.7500% p.a. were submitted to the auction. The credit auction demand was 949.7 million US dollars.

As a result of the credit auction the cut-off rate was set at 1.4469% p.a.

The interest rate on the loans provided was also1.4469% p.a.

The allotment amount was 949.7 million US dollars.

The auctions were held on the following terms:

The maturity is 28 days (the settlement date — 25 March 2015, the maturity date — 22 April 2015). The type of the auction is a Dutch one. The maximum allotment amount is 2.0 billion US dollars.

The maturity is 365 days (the settlement date — 25 March 2015, maturity date — 24 March 2016). The type of the auction is a Dutch one. The maximum allotment amount is 1.0 billion US dollars.

The auctions were held in compliance with Article 46 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

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