On Bank of Russia Ordinance No. 3239-U, dated 23 April 2014 

The Bank of Russia issued its Ordinance No. 3239-U, dated 23 April 2014, ‘On the Extension by the Bank of Russia of Unsecured Loans to Credit Institutions’ registered by the Ministry of Justice of the Russian Federation on 18 June 2014 under No. 32754 (hereinafter referred to as the Ordinance).

It was adopted to improve the regulatory base governing the use of instruments for bank refinancing, as well as due to the latest changes made to Russian legislation, in particular to clearing legislation. The Ordinance provides for the more flexible and efficient regulation of granting unsecured loans.

The Ordinance’s entry into force does not suggest that the Bank of Russia will resume supplying unsecured loans. The decision on the renewal of these operations and their parameters will be made by the Bank of Russia Board of Directors, if necessary.

The Ordinance was elaborated in accordance with point 1¹ of part 1 of Article 46 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’. The Ordinance supersedes Bank of Russia Regulation No. 323-P, dated 16 October 2008, ‘On the Extension by the Bank of Russia of Unsecured Loans to Credit Institutions’.

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01.07.2014 00.00.00