New national LCR concept: discussion results

In particular, the Bank of Russia has made the following modifications:

• The list of highly liquid assets (HLAs) has been expanded: they now comprise all securitisation instruments and bonds issued within projects aimed at fostering technological sovereignty, the structural adaptation of the economy, and sustainable development. The proportion of assets of the second and third levels (less liquid assets included in the calculation of the national LCR at a larger discount) has increased slightly in the structure of HLAs. This structure will benefit the development and liquidity of the corporate bond market.
• The calculation of HLAs now includes not all investment-grade loans but only syndicated ones. This will encourage the development of the syndicated loan market and reduce credit risk concentration in the sector. After the standardisation of such loans completes, the criteria will be adjusted, and HLAs will only include loans issued based on standard documents as they are potentially more liquid.
• The approach to measuring cash outflows from escrow accounts has been updated: the funds used to repay developers’ debt with the same bank will not be taken into account. This will improve the accuracy of the calculations of the bank’s actual outflow amounts.

In the near future, the Bank of Russia plans to release a draft regulation on the national LCR on its website to evaluate the regulatory impact. The new national LCR is expected to become effective since 1 January 2026.