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Basic features of the Primary mechanism and the Supplementary mechanism of liquidity provision

Mechanism Purpose Operations Term Interest rate Assets
The Primary mechanism (PM) Liquidity management and operating monetary policy goal Auctions Repos 1-6 days Min bid rate:
key rate (fixed)
Securities from Lombard list eligible for PM
1 week
1 month Min bid rate:
key rate + 10 b.p.
(floating)
OFZ, regional and municipal bonds from Lombard list eligible for longer-term repos
1 year Min bid rate:
key rate + 25 b.p.
(floating)
Loans secured by non-marketable assets 3 months Credit claims eligible for PM
Standing Facilities Intraday loans and overnight loans 1 day No /
key rate + 100 b.p.
(fixed)
Securities from Lombard list eligible for PM and SM and credit claims eligible for PM and SM
Repos 1 day key rate + 100 b.p.
(fixed)
Securities from Lombard list eligible for PM
Lombard loans / loans secured by non-marketable assets 1-30 days key rate + 100 b.p.
(floating)
Securities from Lombard list eligible for PM / credit claims eligible for PM
The Supplementary mechanism (SM) Credit institutions’ support (for institutions which experiencing temporary liquidity shortages) Repos 1-180 days key rate + 175 b.p.
(floating)
Securities from Lombard list eligible for SM
Loans secured by non-marketable assets 1-180 days key rate + 175 b.p.
(floating)
Credit claims eligible for SM

 

Assets eligible for the Primary mechanism and the Supplementary mechanism of liquidity provision

  Assets eligible for PM Assets eligible for SM1
Assets — operations Securities — repos and loans,
Credit claims — loans
Securities — repos,
Credit claims — loans
Securities from Lombard list

1) Bonds issued on behalf of the Russian Federation

2) Bank of Russia Bonds

3) Corporate, regional and municipal bonds provided that:

—  an issue / issuer of bonds has at least two credit ratings from different credit rating agencies2

— all credit ratings (which it has) should not be lower „АА-”3

1) Bonds, which not eligible for PM, provided that:

— an issue / issuer of bonds has a credit rating from credit rating agencies2

— all credit ratings (which it has) should not be lower „А-”4

2) Mortgage-backed bonds secured by a joint guarantee of DOM.RF

3) Bonds with guarantee of the Russian Federation
Nonmarketable assets — credit claims

Credit claims provided that:

— a debtor has at least two credit ratings from different credit rating agencies2

— all credit ratings (which it has) should not be lower „АА-”3

1) Credit claims, which not eligible for PM, provided that:

— a debtor has a credit rating from credit rating agencies2

— all credit ratings (which it has) should not be lower „А-”4

2) Credit claims to corporations which have no credit ratings, but have a credit risk estimation from the Bank of Russia at the level corresponding to credit ratings not lower „А-”4

3) Credit claims to the Russian Federation

1 Assets eligible for SM operations can be used fot intraday loans and overnight loans (which are classified as PM operations).

2 Credit rating agencies ACRA (JSC), Expert RA JSC, NCR LLC, NRA LLC.

3 АA-(RU) / ruАA- / АA-.ru / AA-|ru| according to classification ACRA (JSC) / Expert RA JSC / NCR LLC / NRA LLC.

4 А-(RU) / ruА- / А-.ru / A-|ru| according to classification ACRA (JSC) / Expert RA JSC / NCR LLC / NRA LLC.

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Last updated on: 13.10.2023