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Required Reserves (Reserve Requirements) of the Bank of Russia

Laws and regulations relating to the required reserves deposited with the Bank of Russia

Depositing the required reserves with the Bank of Russia

Main Components of the Calculation of the Required Reserves Deposited with the Bank of Russia

Required reserve regulation

Amount of the required reserves of the credit institutions deposited with the Bank of Russia

The required reserves of the credit institutions deposited on separate accounts with the Bank of Russia (grouped by registered authorized capital)

The required reserve averaging framework

Stipulated cases of reduction in required reserve accounts (required reserve utilisation)

Sanctions used by the Bank of Russia against credit institutions violating reserve requirements

Sources of information on reserve requirements


Laws and regulations relating to the required reserves deposited with the Bank of Russia

Laws and regulations relating to the required reserves deposited with the Bank of Russia

Article 35 of the Federal Law on the Central Bank of the Russian Federation (Bank of Russia) stipulates that the required reserves deposited with the Bank of Russia (reserve requirements) are an instrument of the Bank of Russia monetary policy.

Under Article 38 of this Law, the amount of the required reserves as a percentage of a credit institution’s liabilities (the required reserve ratio) and the procedure for depositing the required reserves are established by the Bank of Russia Board of Directors.

Article 25 of the Federal Law on Banks and Banking Activities requires a credit institution to comply with the required reserve ratio in respect to the term, value and kind of the funds raised.

Credit institutions deposit the required reserves with the Bank of Russia in compliance with Bank of Russia Regulation No. 342-P, dated August 7, 2009, «On the Required Reserves of Credit Institutions».

The required reserves deposited by a credit institution are accounted for in compliance with Bank of Russia Operating Ordinance No. 113-T, dated August 11, 2010, «About accounting by credit institutions the deposit of Required Reserved with the Bank of Russia».

List of Bank of Russia rules and regulations establishing the procedure for depositing credit institutions’ required reserves with the Bank of Russia

Required Reserves (Reserve Requirements) set by the Bank of Russia

Depositing the required reserves with the Bank of Russia

The required reserves are deposited with the Bank of Russia by all credit institutions. A credit institution must comply with the reserve requirements as soon as it receives the Bank of Russia licence to conduct banking operations. No interest is paid on the required reserves deposited by credit institutions with the Bank of Russia.

Collecting do not address to the required reserves deposited by credit institutions with the Bank of Russia.

The required reserve depositing procedure

The required reserves are deposited in the national currency on a non-cash basis by transferring funds to the required reserve accounts opened with the Bank of Russia and, simultaneously, to the correspondent accounts (subaccounts) of credit institutions with the Bank of Russia when a credit institution uses the required reserve averaging procedure.

The required reserve accounts are opened depending on the currency of the liabilities provisioned for (balance sheet accounts No. 30202 «Credit Institutions’ Required Reserves Deposited with the Bank of Russia for the Ruble-Denominated Accounts» and No. 30204 «Credit Institutions’ Required Reserves Deposited with the Bank of Russia for the Foreign Currency-Denominated Accounts»).

Main Components of the Calculation of the Required Reserves Deposited with the Bank of Russia

The reserving liabilities are the liabilities of a credit institution, denominated in the national and foreign currency, whose structure is established in Section 2 of Bank of Russia Regulation No. 342-P, dated August 7, 2009.

The liabilities of the credit institution grouped in following categories:

— «the liabilities of the credit institutions to non-resident corporate entities» — including liabilities of the credit institutions to non-resident corporate entities, to the non-resident banks, non-resident sole trader (entrepreneurs) in the national currency and/or foreign currency that arose in accordance with the banking (correspondent) account agreements and fund-raising agreements (loan, deposit and other),

— «the liabilities of the credit institutions to the private individuals» — including liabilities of the credit institutions to the resident and non-resident private individuals in the national currency and/or foreign currency, that arose in accordance with the banking deposit agreements (opened savings certificates), banking account agreements.

— «other liabilities» of credit institution in the national currency and/or foreign currency.

Do not include into reserving base following liabilities:

— the money resources, received from the corporate entities (resident, non-resident) and individual businessmen with maturity period of three years and more;

— bonds issued by credit institutions with a maturity period of three years and more;

— non-pecuniary liabilities (precious metals, gemstones or securities loan);

— liabilities to other credit institutions registered in accordance with the established procedure and conducting operations under licence issued by the Bank of Russia (except for obligations to the credit institution which is acting in confidential managing director), liabilities to the international financial organizations, which are provide their activities under the international agreements of creation with Russian Federation participation, to Vneshekonombank and to the Bank of Russia (except liabilities under dept securities with percents), and liabilities to State corporation «Deposit Insurance Agency» and/or liabilities to investors (non-credit institutions), which are arise through the rendering financial help under the plans of State corporation «Deposit Insurance Agency» to prevent a bankruptcy under Federal Low of The Russian Federation dated October 27, 2008 № 175-FZ «On additional measures to Strengthen the Stability of the Banking System through December 31, 2011»

— debts between various divisions of a credit institution.

The sum of liabilities of the dept securities issued by credit institutions is decreasing on sum of interbank liabilities of the dept securities issued by other credit institutions-residents, which is calculated as:

— the sum of reserving liabilities (dept securities part),

— the sum of liabilities of the dept securities issued by credit institutions,

—  adjustment factor is a numerical multiplier established by Board of directors of Bank of Russia (in an interval from 0 up to 1) for definition the sum of interbank liabilities of the dept securities issued by other credit institutions-residents, which are not including into reserving base (the information about adjustment factor public in the «Bulletin of Bank of Russia»).

The amount of the required reserves for liabilities denominated in the national currency is reduced by the amount of ruble funds in the cash department of a credit institution, which, however, should not exceed 25% of the amount of the required reserves for the ruble-denominated liabilities.

Required reserve regulation

The Bank of Russia regulates the amount of the required reserves on a monthly basis. It may regulate the amount of the required reserves ahead of schedule by the decision of the Bank of Russia Board of Directors.

Required reserve regulation deadlines

The procedure for compiling and presenting the calculation of the required reserves deposited with the Bank of Russia

The amount of the required reserves calculation made with accounting period from 1st date of accounting month to 1st date of following month (inclusive).

Calculation procedure. The calculation comprises:

1. the calculation (compiled in the form as indicated in Annex 1 to Bank of Russia Regulation No. 342-P, dated August 7, 2009,

2. documents in the form of Annexes 2-6 to Bank of Russia Regulation No. 342-P, dated August 7, 2009,

3. the statement on the absence of balances (any form).

4. the necessary explanations.

The document in the form described in Annex 3, 6 to Bank of Russia Regulation No. 342-P, dated August 7, 2009, is compiled in the event of the use of the professional judgement by a credit institution. The professional judgment is based on laws and regulations, the accounting policy implemented by the credit institution in compliance with Bank of Russia requirements, the credit institution’s source and other documents characterising the corresponding liabilities, and the accepted business practices.

In a purpose of separate parameters calculation for the documents compiling in a form of Annexes 2, 5, 8 to Bank of Russia Regulation No. 342-P, dated August 7, 2009, a formula of average chronological size is applied (Annex 1 to Bank of Russia Regulation No. 342-P, dated August 7, 2009).

Calculation presentation procedure

The calculation is presented to the regional branch of the Bank of Russia where a credit institution has a correspondent account by the established deadline.

Calculation and the documents of the credit institution, documents of the regional branches of the Bank of Russia are sending to the head division of the Bank of Russia and to the credit institution, accordingly, on paper and/or in the form of electronic messages with authentication code. The documents sending in the form of electronic messages without an authentication code, have to be sent on paper also.

When making the calculation for its electronic presentation, a credit institution should indicate the balance sheet subaccounts recording the provisioned-for liabilities. The absence of a balance in the balance sheet account is indicated by nil.

When making the calculation for its presentation on paper, a credit institution may indicate the balance sheet subaccounts established by the credit institution’s chart of accounts, except the accounts that had zero balances during the reporting period.

The documents whose forms are shown in Annexes 2-4 to Bank of Russia Regulation No. 342-P, dated August 7, 2009, may not be sent in the calculation if they contain zero values in all balance sheet accounts indicated in them (certain personal accounts of balance sheet accounts) during the reporting period. Documents compiling in a form of Annexes 3, 6 to Bank of Russia Regulation No. 342-P, dated August 7, 2009, may not be sent to the regional branches of the Bank of Russia in case the credit institution didn’t use a professional judgment.

I this cases credit institution send a statement to the regional branch of the Bank of Russia (any form). This statement should contain the requisites allowing unequivocally define the form and number of the Annex (forms and numbers of Annexes) to Bank of Russia Regulation No. 342-P, dated August 7, 2009, in connection with not sent statement.

During the required reserve regulation period, a credit institution may correct the documents presented as part of the calculation (should an error be detected by the regional branch of the Bank of Russia or the credit institution). The corrected calculation should be accompanied by pertinent explanations, signed by the credit institution’s authorized representatives or containing the electronic message authentication code.

In case of updating the calculation and the documents presented as part of the calculation by the credit institution, a Required reserve regulation deadline can’t be prolonged.

A fact of late sending a calculation by the credit institution is a violation requirements of the Bank of Russia Regulation No. 342-P, dated August 7, 2009, and It’s become the reason of sanctions under article 74 to Federal Low of The Russian Federation dated July 10, 2002 № 86-FZ «On the Central Bank of the Russian Federation (Bank of Russia)».

Amount of the required reserves of the credit institutions deposited with the Bank of Russia

millions of rubles

Year/month Amount, million rubles
2004
1 of January 267,388.1
2005
1 of January 121,740.3
2006
1 of January 161,369.9
2007
1 of January 221,070.9
2008
1 of January 221,620.8
2009
1 of January 29,915.7
2010
1 of January 151,430.2
2011
1 of January 188,375.6
2012
1 of January 378,370.1
2013
1 of January 425,585.7
1 of February 440,967.0
1 of March 446,661.8
1 of April 449,525.1
1 of May 446,661.8
1 of June 478,009.4
1 of July 497,654.8
1 of August 507,463.0
1 of September 501,595.7
1 of October 506,088.1
1 of November 508,921.2
1 of December 510,105.1
2014
1 of January 408,809.0
1 of February 411,264.0
1 of March 415,836.0
1 of April 442,680.1
1 of May 431,827.1
1 of June 434,847.4
1 of July 432,070.9
1 of August 431,047.0

The required reserve averaging framework

The right to use the required reserve averaging framework is granted to credit institution, concerning to the first or the second classification groups under Bank of Russia standard acts (for non-bank credit institutions — Bank of Russia Ordinance No. 766-U, dated March 31, 2000, with amendments; for banks — Bank of Russia Ordinance No. 2005-U, dated June 30, 2008), and meet the following criteria on date of calculation presentates:

1. have no shortfall in the required reserves or unpaid fines imposed for non-compliance with the reserve requirements;

2. it had fulfilled its obligation to average the required reserves in the previous averaging period (in case credit institution used a right of reserve averaging framework);

3. it has no overdue pecuniary obligations to the Bank of Russia, including overdue obligations on loans and interest on them.

The required reserve averaging procedure

The averaging of the required reserves signifies that the averaged balance in the correspondent account (correspondent subaccount(s)) opened by a credit institution with the Bank of Russia is accepted as the fulfilment of the reserve requirements.

To calculate the amount of the required reserves that must be maintained in the correspondent account (correspondent subaccount(s)) of a credit institution with the Bank of Russia, the credit institution uses an averaging ratio that should not exceed the averaging ratio established by the Bank of Russia.

To be granted the right to do the averaging in the current averaging period, a credit institution should calculate and indicate in the calculation the averaged amount of the required reserves.

The averaging period means the period from the 10st date of the month after accounting month to 10st date of the second month after accounting month inclusive. In case of required reserve extra regulation the averaging period established by Bank of Russia.

If a credit institution meets the established criteria, the regional branch of the Bank of Russia grants it the right to do the averaging and establishes the averaged amount of the required reserves for the calculation.

If a credit institution fails to meet the established criteria, the regional branch of the Bank of Russia refuses to grant it the right to do the averaging and the averaged amount of the required reserves for the calculation is set at nil.

The regional branch of the Bank of Russia notifies a credit institution of its decision in the Regulation report.

The Bank of Russia gives opportunity to credit institutions to extend credits at fixed rates to enable credit institutions efficiently manage their liquidity when using the required reserve averaging mechanism. It is possible to find out conditions of this credit operations in the following sections «Loans Extended against the Collateral (Blocking) of Securities from the Bank of Russia Lombard List (Intraday, Overnight and Lombard Loans)» and «Loans secured by non-marketable assets or guarantee» of material «Bank of Russia Secured Loans».

Statistical data on the averaging of the required reserves by credit institutions

Number of credit institutions exercising the right to average the required reserves

Region January 2005 January 2006 January 2007 January 2008 January 2009 From 10.01.2010 till 10.02.2010 From 10.01.2011 till 10.02.2011 From 10.01.2012 till 10.02.2012 From 10.01.2012 till 10.02.2013 From 10.01.2014 till 10.02.2014 From 10.07.2014 till 10.08.2014
Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves Number of credit institutions exercising the right to average the required reserves % share of operating credit institutions in the region Number of credit institutions exercising the right to average the required reserves % share of operating credit institutions in the region
Russian Federation 545 650 730 777 822 811 697 669 678 587 63.9 569 64.7
Central Federal District 291 324 331 355 394 397 361 348 371 327 59.9 315 60.2
Belgorod Region 5 5 6 6 6 5 4 5 5 4 100.0 3 75.0
Bryansk Region* 2 1 1 1 1 1 0 0
Vladimir Region 1 2 2 2 2 3 2 2 2 1 33.3 1 33.3
Voronezh Region 4 4 4 4 2 1 0 0 0 1 33.3 1 50.0
Ivanovo Region 1 1 2 2 2 3 4 1 2 1 16.7 2 33.3
Kaluga Region 3 5 5 4 5 4 4 4 3 3 75.0 3 75.0
Kostroma Region 5 4 4 4 4 5 3 3 3 3 60.0 5 83.3
Kursk Region 2 2 2 2 2 2 2 2 2 2 100.0 1 50.0
Lipetsk Region 1 1 1 2 2 2 2 2 1 1 100.0 1 100.0
Orel Region 0 2 2 2 2 2 2 1 1 1 100.0 0 0.0
Ryazan Region 3 4 4 4 4 4 4 4 4 4 100.0 3 75.0
Smolensk Region 4 4 4 4 4 4 3 3 3 1 50.0 1 50.0
Tambov Region 0 1 1 1 1 1 1 1 1 1 100.0 1 100.0
Tver Region 6 6 5 6 7 7 4 4 4 3 75.0 2 50.0
Tula Region 5 6 6 6 5 5 5 5 5 3 75.0 3 75.0
Yaroslavl Region 9 9 9 8 8 8 7 6 6 3 60.0 3 60.0
Moscow and Moscow Region 240 267 273 297 337 340 314 305 329 294 59.3 285 60.1
North-West District 40 53 65 68 69 67 49 44 48 39 55.7 42 61.8
Republic of Karelia 1 1 1 1 1 1 0 0 1 1 100.0 1 100.0
Republic of Komi 1 2 3 3 3 3 2 2 2 1 100.0 1 100.0
Arkhangelsk Region** 2 2 2 2 3 3 0 0 0 0 0.0 0 0.0
including
Nenets Autonomous Area
Arkhangelsk Region, excluding data for Nenets Autonomous Area 0 0.0 0 0.0
Vologda Region 7 7 7 8 8 7 8 7 7 3 30.0 8 80.0
Kaliningrad Region 4 5 7 9 8 7 3 3 3 2 100.0 2 100.0
Leningrad Region 2 3 3 4 4 4 3 3 4 5 100.0 5 100.0
Murmansk Region 2 3 4 4 4 4 4 4 3 3 100.0 3 100.0
Novgorod Region 1 1 2 2 2 2 2 2 2 2 100.0 2 100.0
Pskov Region 1 3 3 3 3 3 3 3 3 2 66.7 2 100.0
St. Petersburg 19 26 33 32 33 33 24 20 23 20 48.8 18 43.9
South Federal District*** 24 51 73 81 90 44 38 34 35 35 76.1 33 73.3
Republic of Adigei (Adigeya)   1 4 4 5 5 5 4 4 4 100.0 4 100.0
Republic of Kalmykia 0 2 2 2 2 2 2 2 2 1 50.0 1 50.0
Krasnodar Territory 5 11 13 13 13 14 13 13 13 13 86.7 12 85.7
Astrakhan Region 1 2 2 3 3 2 2 1 3 3 60.0 3 60.0
Volgograd Region 2 5 5 5 5 5 4 4 4 4 100.0 4 100.0
Rostov Region 5 9 13 16 19 16 12 10 9 10 62.5 9 56.3
North-Caucasian Federal District***           43 42 38 33 19 45.2 16 45.7
Republic of Daghestan 2 5 14 17 20 20 20 21 14 7 35.0 3 17.6
Republic of Ingushetia 1 1 1 1 1 1 1 1 1 1 50.0
Kabardino-Balkar Republic 0 2 2 4 5 5 6 5 5 2 40.0 3 60.0
Karachai-Cherkess Republic 2 4 5 5 5 5 4 3 4 3 60.0 5 100.0
Republic of Northern Ossetia — Alania 1 1 4 3 4 5 6 5 4 2 50.0 0 0.0
Republic of Chechnya*  
Stavropol Territory 5 8 8 8 8 7 5 3 5 4 66.7 5 100.0
Privolzhsky Federal District 95 105 117 122 119 121 101 96 90 83 81.4 83 83.0
Republic of Bashkortostan 12 11 12 11 11 11 9 8 7 6 60.0 6 75.0
Republic of Mariy-El 0 0 0 1 1 1 1 1 1 2 100.0 2 100.0
Republic of Mordovia 2 3 3 3 3 3 3 3 4 3 75.0 2 50.0
Republic of Tatarstan (Tatarstan) 14 15 21 22 22 24 24 24 22 21 95.5 21 95.5
Udmurt Republic 7 7 8 6 7 7 3 2 2 2 100.0 2 100.0
Chuvash Republic — Chuvashya 3 5 5 5 5 5 4 4 4 4 100.0 4 100.0
Perm Territory 8 8 8 8 7 6 4 4 5 4 80.0 4 80.0
Kirov Region 1 2 3 3 3 3 3 3 2 3 100.0 3 100.0
Nizhni Novgorod Region 14 13 16 16 16 16 12 11 9 9 75.0 10 83.3
Orenburg Region 5 7 9 9 9 9 9 7 5 4 50.0 4 50.0
Penza Region 2 2 2 2 1 2 0 1 1 1 100.0 1 100.0
Samara Region 15 15 14 19 18 19 16 18 18 15 88.2 15 88.2
Saratov Region 10 14 14 13 12 11 10 9 9 9 100.0 9 100.0
Ulyanovsk Region 2 3 2 4 4 4 3 1 1 0 0.0 0 0.0
Urals Federal District 43 52 59 56 55 51 42 39 37 34 82.9 34 85.0
Kurgan Region 3 4 5 5 4 4 4 4 2 1 50.0 1 50.0
Sverdlovsk Region 20 22 21 22 22 20 15 14 14 13 81.3 13 86.7
Tyumen Region** 12 17 21 18 18 16 15 13 14 13 86.7 13 86.7
including:
Khanty-Mansi Autonomous Area — Yugra
Yamal-Nenets Autonomous Area
Tyumen Region, excluding data for Khanty-Mansi Autonomous Area — Yugra and Yamal-Nenets Autonomous Area 6 85.7 13 86.7
Chelyabinsk Region 8 9 12 11 11 11 8 8 7 7 87.5 7 87.5
Siberia Federal District 34 45 56 60 63 57 41 46 44 34 68.0 31 66.0
Republic of Altai 2 3 3 4 4 4 0 2 1 1 50.0 1 50.0
Republic of Buryatia 1 1 1 1 1 1 1 1 1 1 100.0 1 100.0
Republic of Tyva 1 1 2 2 2 2 0 1 0 0 0.0 0 0.0
Republic of Khakassia 3 3 3 2 3 3 3 2 2 2 100.0 2 100.0
Altai Territory 6 6 7 8 8 7 5 7 5 3 42.9 5 71.4
Zabaykalskiy Territory* 1 1 1 1 2    
Krasnoyarsk Territory 2 3 5 5 6 6 3 3 3 2 40.0 2 40.0
Irkutsk Region 4 6 9 9 9 8 7 8 8 7 87.5 5 71.4
Kemerovo Region 1 4 5 7 7 7 5 5 7 4 50.0 3 50.0
Novosibirsk Region 7 10 10 11 11 11 10 9 9 7 87.5 6 75.0
Omsk Region 6 7 7 7 7 6 5 6 6 5 83.3 4 66.7
Tomsk Region 0 0 3 3 3 2 2 2 2 2 100.0 2 100.0
Far East Federal District 18 20 29 35 32 31 23 24 20 16 72.7 15 68.2
Republic of Sakha (Yakutia) 4 4 6 6 5 4 4 4 4 4 100.0 4 100.0
Kamchatka Territory 0 1 1 5 5 6 4 4 3 3 100.0 3 100.0
Primorski Territory 3 3 7 8 8 8 8 7 5 3 50.0 2 33.3
Khabarovsk Territory 4 4 5 5 4 4 1 3 2 1 50.0 2 100.0
Amur Region 3 4 4 4 4 3 2 2 2 2 100.0 2 100.0
Magadan Region 1 1 2 2 2 2  
Sakhalin Region 3 3 4 5 4 4 4 4 4 3 60.0 2 40.0
Jewish Autonomous Region*
Chukotka Autonomous Area*
CRIMEA FEDERAL DISTRICT
Republic of Crimea
Sevastopol

* Doesn’t have independent credit institutions.
** Before 2014 year there wasn't any reporting changes included allocation an Autonomous Area from the Arkhangelsk Region and the Tyumen Region.
*** Till January 19, 2010, the structure of South Federal District included the regions of the Russian Federation allocated in structure of the North-Caucasian Federal District according to the Ordinance of the President of the Russian Federation No. 82, dated January 19, 2010.

Amount of the required reserves maintained by credit institutions in correspondent accounts (subaccounts) with the Bank of Russia (averaged amount of the required reserves)

Averaging period Amount, billion rubles
2004
October 9.0
2005
January 12.7
2006
January 19.2
2007
January 46.5
2008
January 130.8
2009
January 37.0
2010
From 10.01.2010 till 10.02.2010 200.3
2011
From 10.01.2011 till 10.02.2011 246.0
2012
From 10.01.2012 till 10.02.2012 518.1
2013
From 10.01.2013 till 10.02.2013 593.1
From 10.02.2013 till 10.03.2013 601.0
From 10.03.2013 till 10.04.2013 605.5
From 10.04.2013 till 10.05.2013 640.1
From 10.05.2013 till 10.06.2013 666.0
From 10.06.2013 till 10.07.2013 676.5
From 10.07.2013 till 10.08.2013 686.1
From 10.08.2013 till 10.09.2013 674.9
From 10.09.2013 till 10.10.2013 679.6
From 10.10.2013 till 10.11.2013 675.3
From 10.11.2013 till 10.12.2013 683.6
From 10.12.2013 till 10.01.2014 794.1
2014
From 10.01.2014 till 10.02.2014 825.8
From 10.02.2014 till 10.03.2014 846.1
From 10.03.2014 till 10.04.2014 866.0
From 10.04.2014 till 10.05.2014 883.4
From 10.05.2014 till 10.06.2014 894.6
From 10.06.2014 till 10.07.2014 880.7
From 10.07.2014 till 10.08.2014 877.4

Stipulated cases of reduction in required reserve accounts (required reserve utilisation)

A reduction in the required reserve accounts (required reserve utilisation) is possible in the following cases:

1. as a result of the regulation of the amount of the required reserves (when the amount of a credit institution’s liabilities provisioned for decreases and (or) when the required reserve ratios are reduced and (or) when the Bank of Russia averaging ratio is increased);

2. when a credit institution is granted the right to average the required reserves (that is, to maintain the averaged amount of the required reserves in the credit institution’s correspondent account (correspondent subaccount(s) opened with the Bank of Russia);

3. after the revocation of banking licence from a credit institution (the required reserves are transferred to the correspondent account opened with the Bank of Russia and used according to the procedure established by the federal laws and regulations issued in pursuance of these laws).

Sanctions used by the Bank of Russia against credit institutions violating reserve requirements

Should a credit institution violate the reserve requirements, the Bank of Russia has the power without further authorisation to write down from the credit institution’s correspondent account (correspondent subaccount(s)) with the Bank of Russia the amount underpaid and judicially impose a fine in the amount established by the Bank of Russia. Fines for violation of the reserve requirements paid by credit institutions (recovered by the Bank of Russia in accordance with the established procedure) go to the federal budget revenue.

Compliance by a credit institution with the reserve requirements is one of the criteria taken into account when accessing the credit institution to the Bank of Russia monetary policy operations (refinancing of (lending to) credit institutions and deposit, repo, reverse repo, currency swap and other Bank of Russia operations).

Sources of information on reserve requirements:

1. Bank of Russia Bulletin (in Russian);
2. Bulletin of Banking Statistics:
— Table 1.19 «Monetary Base (Broad Definition)»;
— Table 2.3 «2.3 Required Reserves Ratios»;
— Table 2.4 «2.4 Scaling Factor Which Is Used to Correct the Sum of the Credit Institution Liabilities to Other Credit Institutions — Residents for Issued Securities»;
— Table 2.5 «2.5 Required Reserves (Averaged Amount) Held by Credit Institutions in Their Correspondent Accounts (Subaccounts) with the Bank of Russia»;
— Table 6.1.6 «6.1.6 Credit Institutions Using the Right to Average the Required Reserves within Averaging Period from __ 10 to __ 10, ____ Grouped by Registered Authorized Capital»;
— Diagram 7.5 «7.6 Averaged Amount of Required Reserves of Credit Institutions Exercising the Averaging Right within Averaging Period from __ 10 to __ 10, ____ (Credit Institutions Grouped by Size of Registered Authorized Capital)»;
— Diagram 7.7 «Structure of Broad Monetary Base as of ___»;
— Section 8 «Summary Methodology».
3. Guidelines for the Single State Monetary Policy;
4. Bank of Russia Annual Report.
Updated August 15, 2014.
Required Reserves (Reserve Requirements) of the Bank of Russia