Basic features of the Primary mechanism and the Supplementary mechanism of liquidity provision
| Mechanism | Purpose | Operations | Term | Interest rate | Assets | |
|---|---|---|---|---|---|---|
| The Primary mechanism (PM) | Liquidity management and operating monetary policy goal | Auctions | Repos | Min bid rate: key rate (fixed) |
Securities from Lombard list eligible for PM | |
| 1 week | ||||||
| 1 month | Min bid rate: key rate + 10 b.p. (floating) |
OFZ, regional and municipal bonds from Lombard list eligible for longer-term repos | ||||
| 1 year | Min bid rate: key rate + 25 b.p. (floating) |
|||||
| Loans secured by non-marketable assets | 3 months | Credit claims eligible for PM | ||||
| Standing Facilities | Intraday loans and overnight loans | 1 day | No / key rate + 100 b.p. (fixed) |
Securities from Lombard list eligible for PM and SM and credit claims eligible for PM and SM | ||
| Repos | 1 day | key rate + 100 b.p. (fixed) |
Securities from Lombard list eligible for PM | |||
| Lombard loans / loans secured by non-marketable assets | key rate + 100 b.p. (floating) |
Securities from Lombard list eligible for PM / credit claims eligible for PM | ||||
| The Supplementary mechanism (SM) | Credit institutions’ support (for institutions which experiencing temporary liquidity shortages) | Repos | key rate + 175 b.p. (floating) |
Securities eligible for SM | ||
| Loans secured by non-marketable assets | key rate + 175 b.p. (floating) |
Credit claims eligible for SM | ||||
From 1 October, 2026 all securities from Lombard list are eligible for PM.
Assets eligible for the Primary mechanism and the Supplementary mechanism of liquidity provision
| Assets eligible for PM | Assets eligible for SM1 | |
|---|---|---|
| Securities | All securities from Lombard List2 | |
| Credit claims |
1. Credit claims provided that they had been included in collateral pools before 6 November, 2024; and the debtor has at least two credit ratings from different credit rating agencies3, while all credit ratings (which it has) are not lower „АА-”4 2. Credit claims provided that they were in collateral pools for SM at 1 October, 2026; they mature before 30 September, 2027; the debtor has at least two credit ratings from different credit rating agencies3, while all credit ratings (which it had) were not lower „АА-”4, and on 1 October, 2026 – not lower „ААA”5 |
1. Credit claims, which are not eligible for PM, provided that the debtor has a credit rating from credit rating agencies3 and all credit ratings (which it has) are not lower „А-”6 2. Credit claims to borrowers (corporations) which have no credit ratings, but have a credit risk estimate from the Bank of Russia at the level corresponding to credit ratings not lower „А-”6 3. Credit claims to the Russian Federation |
1 Assets eligible for SM operations can be used fot intraday loans and overnight loans (which are classified as PM operations).
2 With the exception of certain bond issues.
3 Credit rating agencies ACRA (JSC), Expert RA JSC, NCR LLC, NRA LLC.
4 АA-(RU) / ruАA- / АA-.ru / AA-|ru| according to classification ACRA (JSC) / Expert RA JSC / NCR LLC / NRA LLC.
5 АAA(RU) / ruАAA / АAA.ru / AAA|ru| according to classification ACRA (JSC) / Expert RA JSC / NCR LLC / NRA LLC.
6 А-(RU) / ruА- / А-.ru / A-|ru| according to classification ACRA (JSC) / Expert RA JSC / NCR LLC / NRA LLC.