Bank of Russia starts publishing collections of responses to standard questions on banking regulation

The Bank of Russia starts publishing answers to questions frequently asked by credit institutions regarding banking regulation instead of sending them targeted responses as before. These answers will be available on the regulator’s website in the form of reference guides. Such approach will enhance all market participants’ awareness, promote best practices, and increase the effectiveness of activities aimed at improving banking regulation.

The first part of the Clarifications on the Application of Bank of Russia Regulation No. 590-P concerning provisioning, which is a major question for banks, has been published already. In the future, the Bank of Russia plans to publish clarifications on other regulations as well, first of all those, which are mostly requested. The guides will be regularly updated as soon as new questions are received and the practice of applying regulations is accumulated.

Additionally, for the convenience of users, the materials are available as Excel files that can be downloaded and filtered by topics, clauses and keywords.

The regulator recommends that credit institutions should take these clarifications into consideration in their practice, and when they apply to the Bank of Russia. If some topics have remained uncovered so far, banks should give priority to the economic substance rather than the form and take a conservative approach in order to minimise risks for depositors and lenders.

При использовании материала ссылка на Пресс-службу Банка России обязательна.