On providing Bank of Russia loans secured by mortgage bonds issued under Military Mortgage programme

On 9 December 2014, the Bank of Russia decided to create a new refinancing facility for credit institutions (pilot project) — Bank of Russia loans secured by mortgage bonds issued under Military Mortgage programme. This facility has been prepared by joint efforts of the Bank of Russia, the National Securities Market Association, the Agency for Housing Mortgage Lending (AHML) and credit institutions.

The launch of the new refinancing facility is planned in the first quarter of 2015.

During the pilot project, GPB (OJSC) acts as a depository which will register pledge of mortgage bonds.

The maximum maturity of Bank of Russia loans secured by mortgage bonds is 3 years (1095 calendar days).

Bank of Russia loans secured by mortgage bonds with maturities ranging from one to 90 calendar days are provided at fixed interest rates, which are set as equal to the Bank of Russia key rate on the date of loan issue increased by 0.25 percentage points.

Bank of Russia loans secured by mortgage bonds with maturities ranging from 91 to 1095 calendar days are provided at floating interest rates, which are set as equal to the Bank of Russia key rate increased by 0.25 percentage points.

If the Bank of Russia Board of Directors decides to change the Bank of Russia key rate, interest rates on earlier issued loans with maturities from 91 to 1095 calendar days will be adjusted by the value of change in the Bank of Russia key rate from the effective date of such change.

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