Bank of Russia changes irrevocable credit line parameters
The Bank of Russia Board of Directors decided to reduce the commitment fee on the irrevocable credit line1 (ICL). In the period from 1 April 2022 through 1 April 2023, the commitment fee will be 0.001% per year of the maximum possible ICL limit set for a systemically important credit institution.
Concurrently, the opening of new ICLs2 was suspended on 12 December 2022.
The decision was taken as the effective3 and extended for 2023 support measures related to Liquidity Coverage Ratio N26 (N27) compliance resulted in a lower demand for ICLs as a tool to manage this ratio.
1 Irrevocable credit lines are opened in accordance with the agreement approved by Bank of Russia Order No. OD-198, dated 31 January 2022, ‘On Issuing Bank of Russia Loans under Agreements on Opening an Irrevocable Credit Line and Invalidating Certain Bank of Russia Orders.’
2 Bank of Russia Order No. OD-2534, dated 9 December 2022, 'On Amending the Appendix to Bank of Russia Order No. OD-3439, Dated 3 December 2015.'
3 Bank of Russia Information Letter No. IN-03-23/19, dated 1 March 2022, ‘On the Specifics of Compliance with Liquidity Coverage Ratio N26 (N27).’
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16.12.2022 17:06:58