On the conduction of the Lombard credit auction for the provision of 36-month loans
On the 15 December 2014 the Bank of Russia will conduct the Lombard credit auction for the provision of 36—month loans at a floating interest rate, linked to the key rate. If the Bank of Russia key rate is changed the interest rate on earlier extended loans would be adjusted accordingly, effective from the date of key rate change. The conduction of this auction will reduce the adverse side effect of growth of Bank of Russia refinancing operations volume on banks’ liabilities’ term structure. The Bank of Russia doesn’t intend to conduct Lombard credit auctions regularly.
Conduction date: 15 December 2014.
Settlement date: 16 December 2014.
Maturity date: 13 December 2017.
Auction type: Dutch auction.
Maximum allotment at the auction: 700 billion rubles.
Minimum bid rate: the Bank of Russia key rate effective on the date of the auction increased by 0.25 percentage points.
Minimum bid volume: 10 billion rubles.
Maximum number of bids from a credit institution: 3.
Only competitive bids are accepted.
Bids are submitted by credit institutions in hard copy (in form indicated in Annex 9 to Regulation No.
Auction timing:
Tender offer | till 12.00 local time |
Auction time | till 17.00 Moscow time |
The auction is conducted according to Regulation No.
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