On results of credit auction to provide three-month loans secured by non-marketable assets at floating interest rate
On 13 April 2015, the Bank of Russia held an auction to provide loans secured by non-marketable assets at a floating interest rate.
The auction was attended by 24 credit institutions which submitted their bids for the Bank of Russia loans on master (credit) accounts opened in 23 Russian regions. Bids offering interest rates in the range of 14.25% p.a. to 16.00% p.a. were submitted to the auction. The auction demand totalled 714.2 billion rubles.
As a result of the auction the cut-off rate was set at 14.25% p.a.
The interest rate on the loans provided was also 14.25% p.a.
The allotment amount was 714.2 billion rubles.
The maturity is three months (the settlement date — 15 April 2015, the maturity date — 15 July 2015). The type of the auction is a Dutch one. The maximum allotment amount is 900.00 billion rubles.
The auction was held in compliance with Article 46 of Federal Law No.
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