Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

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 3-months term and 12-months term respectively, as well as one auction for provision of loans secured by non-marketable assets for 3-month term with floating interest rate.

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 3-month and 12-month terms, as well as Lombard loan auctions for 1 week, 3-month and 12-month term. At the same time in the case of abrupt changes in banking sector liquidity, the Bank of Russia will conduct REPO auctions for terms from 1 to 6 days as fine-tuning operations.

Starting from 2014 the Bank of Russia will also conduct the auctions for provision of loans secured by non-marketable assets for 3-month term with floating interest rate on a monthly basis. While being more convenient for credit institutions, more frequent auctions will enhance the Bank of Russia’s ability to manage banking sector liquidity. Wider use of this instrument will eventually contribute to the better money-market functioning and credit institutions’ liquidity management.

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, 3-month and 12-month terms under the following conditions.

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 3-month term — according to Table 2;

for REPO auctions for 12-month term — according to Table 3.

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 3-month term

Auction date Term Settlement date Maturity date
20.01.2014 91 days 22.01.2014 23.04.2014

Table 3

REPO auctions for 12-month term

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. 236-P, dated 4 August 2003, “On the Procedure for Extending Bank of Russia Loans on securities to Credit Institutions” (with changes) in 2014, the Bank of Russia conducts Lombard loan auctions for 1 week, 3-month and 12-month terms with credit institutions — residents of the Russian Federation on the following conditions.

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 3-month term — according to Table 5

for Lombard loan auctions for 12-month term— according to Table 6

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 3-month term

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 12-month term

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 № 203-P, dated 5 November 2002 “On the Procedure for Conducting Deposit Operations by the Central Bank of the Russian Federation with Credit Institutions in the Currency of the Russian Federation” (with amendments) and the Bank of Russia Regulation № 404-P, dated 9 August 2013 “On Conducting Deposit Operations by the Central Bank of the Russian Federation with Credit Institutions”, in 2014 the Bank of Russia conducts deposit auctions with credit institutions — residents of the Russian Federation on the following conditions.

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. 312-P, dated 12 November 2007, “On the Provision of Loans Secured by Non-marketable Assets and Guarantees by the Bank of Russia to Credit Institutions”, in 2014 the Bank of Russia conducts auctions for the provision of loans secured by non-marketable assets, for 3-month term with floating interest rate, with credit institutions — residents of the Russian Federation on the following conditions.

The frequency of auctions for the provision of loans secured by non-marketable assets for 3-month term with floating interest rate, as well as auction, settlement, maturity and interest payment dates are set according to Table 8.

Table 8

Auctions for the provision of loans secured by non-marketable assets for 3-month term with floating interest rate

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.

13 December 2013

The reference to the Press Service is mandatory if you intend to use this material.

× Закрыть