Minimum interest rates at credit auctions to provide Bank of Russia loans in US dollars to credit institutions 

The Bank of Russia set the minimum interest rates for 28-day and 365-day credit auctions held on 26 January 2015 to provide US dollar Bank of Russia loans secured by the pledge of claim on US dollar loans at 0.9178% and 1.3719% per annum respectively.

Other parameters of the auctions are published in the Bank of Russia information notice ‘On holding auctions to provide Bank of Russia loans in US dollars to credit institutions’ below:

On the 26 January 2015, the Bank of Russia will hold auctions to provide US dollar loans secured by the pledge of claims on loans in US dollars for the terms of 28 and 365 days. The auctions will have the following parameters.

Auction date	Settlement date	Maturity date	Term, days	Maximum allotment, US dollars billions of unit
26.01.2015	28.01.2015	25.02.2015	28	1,0
26.01.2015	28.01.2015	28.01.2016	365	1,0

 

Auction bids will be accepted from Russian credit institutions complying with the Bank of Russia capital requirements, and from the Bank for Development and Foreign Economic Affairs (a state corporation, Vnesheconombank), which should have signed, and valid as of the auction date, general credit agreements with the Bank of Russia to provide Bank of Russia FX loans secured by the pledge of claims on FX loans.

Auction type: Dutch auction.

Minimum interest rates: the US dollar LIBOR rates for comparable terms and effective on the closest date preceding the auction date, rounded to 4 decimal places and increased (each) by 0.75 percentage points.

Minimum bid: 1 million US dollars.

Maximum number of bids from a credit institution at the every auction: 1.

Only competitive bids are accepted.

Auction bids are accepted by Bank of Russia regional branches in hard copies.

Auction timing:

Tender offer	till 12.00 Moscow time
Auction time	till 17.00 Moscow time

 

Source: Bank of Russia/PressService – Minimum interest rates at credit auctions to provide Bank of Russia loans in US dollars to credit institutions

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