On the Bank of Russia auction operations in 2014 (Unofficial translation)
According to the Bank of Russia Board of Directors decision dated 13, September 2013, the Bank of Russia decided to conduct the auction operations in 2014 as a part of its effort to enhance a system of instruments for banking sector liquidity management.
In January, 2014, the Bank of Russia will conduct the overnight REPO auctions on a daily basis and either one-week REPO or one-week deposit auctions on a weekly basis. In addition, the Bank of Russia will conduct one REPO auction and one Lombard loan action for
Starting from February, 2014, the Bank of Russia will change its operational procedure. The Bank of Russia will abolish daily overnight REPO auctions and suspend REPO auctions for
Starting from 2014 the Bank of Russia will also conduct the auctions for provision of loans secured by non-marketable assets for
The information on one-week auctions to provide or absorb liquidity will be posted at the Bank of Russia website for information of credit institutions and the Bank of Russia regional branches on the same day as a decision is made.
Information on auctions to be conducted from 28 April to 11 May 2014, from 31 October 2014 to 9 November 2014, and 22 to 31 December 2014 will be announced later.
1. On REPO auctions
According to the Bank of Russia Monetary Policy Committee decision (minutes № 27, dated 2 December 2013), in 2014 the Bank of Russia will conduct REPO auctions for 1 week,
The frequency of auctions, as well as the auction, settlement and maturity dates are set as follows:
for REPO auctions for 1 week term (if conducted) — according to Table 1;
for REPO auctions for
for REPO auctions for
Table 1
REPO auctions for 1 week term
Auction date | Term | Settlement date | Maturity date |
14.01.2014 | 1 week | 15.01.2014 | 22.01.2014 |
21.01.2014 | 1 week | 22.01.2014 | 29.01.2014 |
28.01.2014 | 1 week | 29.01.2014 | 05.02.2014 |
04.02.2014 | 1 week | 05.02.2014 | 12.02.2014 |
11.02.2014 | 1 week | 12.02.2014 | 19.02.2014 |
18.02.2014 | 1 week | 19.02.2014 | 26.02.2014 |
25.02.2014 | 1 week | 26.02.2014 | 05.03.2014 |
04.03.2014 | 1 week | 05.03.2014 | 12.03.2014 |
11.03.2014 | 1 week | 12.03.2014 | 19.03.2014 |
18.03.2014 | 1 week | 19.03.2014 | 26.03.2014 |
25.03.2014 | 1 week | 26.03.2014 | 02.04.2014 |
01.04.2014 | 1 week | 02.04.2014 | 09.04.2014 |
08.04.2014 | 1 week | 09.04.2014 | 16.04.2014 |
15.04.2014 | 1 week | 16.04.2014 | 23.04.2014 |
22.04.2014 | 1 week | 23.04.2014 | 30.04.2014 |
13.05.2014 | 1 week | 14.05.2014 | 21.05.2014 |
20.05.2014 | 1 week | 21.05.2014 | 28.05.2014 |
27.05.2014 | 1 week | 28.05.2014 | 04.06.2014 |
03.06.2014 | 1 week | 04.06.2014 | 11.06.2014 |
10.06.2014 | 1 week | 11.06.2014 | 18.06.2014 |
17.06.2014 | 1 week | 18.06.2014 | 25.06.2014 |
24.06.2014 | 1 week | 25.06.2014 | 02.07.2014 |
01.07.2014 | 1 week | 02.07.2014 | 09.07.2014 |
08.07.2014 | 1 week | 09.07.2014 | 16.07.2014 |
15.07.2014 | 1 week | 16.07.2014 | 23.07.2014 |
22.07.2014 | 1 week | 23.07.2014 | 30.07.2014 |
29.07.2014 | 1 week | 30.07.2014 | 06.08.2014 |
05.08.2014 | 1 week | 06.08.2014 | 13.08.2014 |
12.08.2014 | 1 week | 13.08.2014 | 20.08.2014 |
19.08.2014 | 1 week | 20.08.2014 | 27.08.2014 |
26.08.2014 | 1 week | 27.08.2014 | 03.09.2014 |
02.09.2014 | 1 week | 03.09.2014 | 10.09.2014 |
09.09.2014 | 1 week | 10.09.2014 | 17.09.2014 |
16.09.2014 | 1 week | 17.09.2014 | 24.09.2014 |
23.09.2014 | 1 week | 24.09.2014 | 01.10.2014 |
30.09.2014 | 1 week | 01.10.2014 | 08.10.2014 |
07.10.2014 | 1 week | 08.10.2014 | 15.10.2014 |
14.10.2014 | 1 week | 15.10.2014 | 22.10.2014 |
21.10.2014 | 1 week | 22.10.2014 | 29.10.2014 |
28.10.2014 | 1 week | 29.10.2014 | 05.11.2014 |
11.11.2014 | 1 week | 12.11.2014 | 19.11.2014 |
18.11.2014 | 1 week | 19.11.2014 | 26.11.2014 |
25.11.2014 | 1 week | 26.11.2014 | 03.12.2014 |
02.12.2014 | 1 week | 03.12.2014 | 10.12.2014 |
09.12.2014 | 1 week | 10.12.2014 | 17.12.2014 |
16.12.2014 | 1 week | 17.12.2014 | 24.12.2014 |
Table 2
REPO auctions for
Auction date | Term | Settlement date | Maturity date |
20.01.2014 | 91 days | 22.01.2014 | 23.04.2014 |
Table 3
REPO auctions for
Auction date | Term | Settlement date | Maturity date |
13.01.2014 | 343 days | 15.01.2014 | 24.12.2014 |
2. On Lombard loan auctions
According to the decision of the Bank of Russia Monetary Policy Committee (minutes № 27, dated 2 December 2013) and the Bank of Russia Regulation No.
The frequency of Lombard loan auctions, as well as auction, settlement dates and maturity dates are set as follows:
for Lombard loan auctions for 1 week term (if conducted) — according to Table 4
for Lombard loan auctions for
for Lombard loan auctions for
Table 4
Lombard loan auctions for 1 week term
Auction date | Settlement date | Maturity date and interest payment date |
14.01.2014 | 15.01.2014 | 22.01.2014 |
21.01.2014 | 22.01.2014 | 29.01.2014 |
28.01.2014 | 29.01.2014 | 05.02.2014 |
Table 5
Lombard loan auctions for
Auction date | Settlement date | Maturity date and interest payment date |
20.01.2014 | 21.01.2014 | 22.04.2014 |
Table 6
Lombard loan auctions for
Auction date | Settlement date | Maturity date and interest payment date |
13.01.2014 | 14.01.2014 | 13.01.2015 |
Auction type — American auction.
Maximum share of non-competitive bids — 50%. Collateral adequacy on non-competitive bid for Lombard loan auction is calculated based on the overnight credit rate on the day of a bid acceptance.
Minimum interest rate set in the bid for Lombard loan action is equal to minimum interest rate on Lombard loan auction, set by the Bank of Russia Board of Directors on the corresponding term.
If the Bank of Russia Board of Directors takes a decision to change minimum interest rate on Lombard loan auction, a new minimum interest rate is applied starting from the date specified at the Bank of Russia Board of Directors’ decision about a minimum interest rate change on Lombard loan auction.
3. On deposit auctions
According to the Bank of Russia Monetary Policy Committee decision (minutes № 27, dated 2 December 2013), the Bank of Russia Regulation №
The frequency of deposit auctions, as well as auction, settlement, maturity and interest payment dates on deposits for 1 week term (if conducted) are set according to Table 7.
Table 7
Deposit auctions for 1 week term
Auction date | Settlement date | Maturity date and interest payment date |
14.01.2014 | 15.01.2014 | 22.01.2014 |
21.01.2014 | 22.01.2014 | 29.01.2014 |
28.01.2014 | 29.01.2014 | 05.02.2014 |
04.02.2014 | 05.02.2014 | 12.02.2014 |
11.02.2014 | 12.02.2014 | 19.02.2014 |
18.02.2014 | 19.02.2014 | 26.02.2014 |
25.02.2014 | 26.02.2014 | 05.03.2014 |
04.03.2014 | 05.03.2014 | 12.03.2014 |
11.03.2014 | 12.03.2014 | 19.03.2014 |
18.03.2014 | 19.03.2014 | 26.03.2014 |
25.03.2014 | 26.03.2014 | 02.04.2014 |
01.04.2014 | 02.04.2014 | 09.04.2014 |
08.04.2014 | 09.04.2014 | 16.04.2014 |
15.04.2014 | 16.04.2014 | 23.04.2014 |
22.04.2014 | 23.04.2014 | 30.04.2014 |
13.05.2014 | 14.05.2014 | 21.05.2014 |
20.05.2014 | 21.05.2014 | 28.05.2014 |
27.05.2014 | 28.05.2014 | 04.06.2014 |
03.06.2014 | 04.06.2014 | 11.06.2014 |
10.06.2014 | 11.06.2014 | 18.06.2014 |
17.06.2014 | 18.06.2014 | 25.06.2014 |
24.06.2014 | 25.06.2014 | 02.07.2014 |
01.07.2014 | 02.07.2014 | 09.07.2014 |
08.07.2014 | 09.07.2014 | 16.07.2014 |
15.07.2014 | 16.07.2014 | 23.07.2014 |
22.07.2014 | 23.07.2014 | 30.07.2014 |
29.07.2014 | 30.07.2014 | 06.08.2014 |
05.08.2014 | 06.08.2014 | 13.08.2014 |
12.08.2014 | 13.08.2014 | 20.08.2014 |
19.08.2014 | 20.08.2014 | 27.08.2014 |
26.08.2014 | 27.08.2014 | 03.09.2014 |
02.09.2014 | 03.09.2014 | 10.09.2014 |
09.09.2014 | 10.09.2014 | 17.09.2014 |
16.09.2014 | 17.09.2014 | 24.09.2014 |
23.09.2014 | 24.09.2014 | 01.10.2014 |
30.09.2014 | 01.10.2014 | 08.10.2014 |
07.10.2014 | 08.10.2014 | 15.10.2014 |
14.10.2014 | 15.10.2014 | 22.10.2014 |
21.10.2014 | 22.10.2014 | 29.10.2014 |
28.10.2014 | 29.10.2014 | 05.11.2014 |
11.11.2014 | 12.11.2014 | 19.11.2014 |
18.11.2014 | 19.11.2014 | 26.11.2014 |
25.11.2014 | 26.11.2014 | 03.12.2014 |
02.12.2014 | 03.12.2014 | 10.12.2014 |
09.12.2014 | 10.12.2014 | 17.12.2014 |
16.12.2014 | 17.12.2014 | 24.12.2014 |
Auction type — American auction.
Maximum share of non-competitive bids — 50%.
Minimum amount of one bid in the deposit auction equal:
- 10 million rubles for bids of the credit institutions participating in the deposit auctions conducted via the Reuters Dealing System;
- 10 million rubles for bilateral tender agreements-bids of the credit institutions of Moscow region participating in the deposit auctions;
- 3 million rubles for bilateral tender agreements-bids of the regional credit institutions participating in the deposit auctions;
- 1 million rubles for bids of the credit institutions participating in the deposit auctions conducted via the Moscow Interbank Currency Exchange Electronic Trading System.
Maximum interest rate set in a bid for deposit auction is equal to maximum interest rate on deposit auction for the respective term set by the Bank of Russia Board of Directors.
If the Bank of Russia Board of Directors takes a decision to change maximum interest rate on deposit auction, a new maximum interest rate is applied starting from the date specified at the Bank of Russia Board of Directors’ decision about a minimum interest rate change on deposit auction.
In case of the proportional reduction of the bids of the credit institutions at depletion of maximum amount of deposit, the amount of bid is rounded to the amount multiple of 10 thousands rubles.
4. On auctions for the provision of the Bank of Russia loans secured by non-marketable assets with floating interest rate
According to the Bank of Russia Monetary Policy Committee decision (protocol № 27, dated 2 December 2013) and Regulation No.
The frequency of auctions for the provision of loans secured by non-marketable assets for
Table 8
Auctions for the provision of loans secured by non-marketable assets for
Auction date | Settlement date | Maturity and interest payment date |
13.01.2014 | 14.01.2014 | 16.04.2014 |
10.02.2014 | 12.02.2014 | 14.05.2014 |
06.03.2014 | 12.03.2014 | 11.06.2014 |
14.04.2014 | 16.04.2014 | 16.07.2014 |
12.05.2014 | 14.05.2014 | 13.08.2014 |
09.06.2014 | 11.06.2014 | 10.09.2014 |
14.07.2014 | 16.07.2014 | 15.10.2014 |
11.08.2014 | 13.08.2014 | 12.11.2014 |
08.09.2014 | 10.09.2014 | 10.12.2014 |
13.10.2014 | 15.10.2014 | 14.01.2015 |
10.11.2014 | 12.11.2014 | 11.02.2015 |
08.12.2014 | 10.12.2014 | 11.03.2015 |
The parameters of the auction, planned on 13 January, 2014, are presented in the Bank of Russia information notice “On auction for the provision of the Bank of Russia loans secured by non-marketable assets with floating interest rate” dated 13 December 2013.
The parameters of the auctions planned on 10 February, 6 March, 14 April, 12 May, 9 June, 14 July, 11 August, 8 September, 13 October, 10 November and 8 December 2014 (auction type, minimum interest rate, minimum bid, maximum number of bids of a single credit institution, maximum allotment) will be set by the Bank of Russia Monetary Policy Committee for each auction.
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