The central bank gives loans to commercial banks. Secured loans from the Bank of Russia. Loans secured by promissory notes, rights of credit claims and guarantees

Page 1

An active participant in the market of interbank loans is the Central Bank of the Russian Federation (CBR) as a lender of last resort - the bank of banks.

Credits of the Central Bank of the Russian Federation are one of the forms of refinancing banks in the process of implementing monetary regulation.

Refinancing by the central bank of commercial banks is understood as the provision of loans to them when the banks have exhausted their resources or are unable to replenish them from other sources. The process of refinancing consists in restoring the portfolio of own resources of commercial banks and funds invested in the capital circulation of enterprises.

Credit and banking institutions experiencing temporary financial difficulties were able to apply to the central bank for loans. Refinancing loans allow them to minimize their liquidity holdings as a result of borrowing from the central bank. In this sense, refinancing loans are an integral part of the safeguard mechanism, a source of temporary resources needed to replenish depleted resources. The possibility of obtaining refinancing loans or their scale depends on a number of factors, and above all on the state of the country's monetary and credit sphere, the financial situation of the borrower.

The official refinancing rate is the interest on loans used by the Central Bank of the Russian Federation when lending to commercial banks. The refinancing rate of the Central Bank of the Russian Federation, along with the required reserves and open market operations, is one of the main instruments of monetary regulation carried out by the Bank of Russia. By lowering the official refinancing rate, it pursues a "cheap money" policy: it makes credit resources more accessible, creates conditions for an increase in the supply of loans on the market by commercial banks, which leads to cheaper loans. This policy aims to revive investment and stimulate economic growth. An increase in the refinancing rate leads to a contraction of the monetary supply, a slowdown in inflation, and, at the same time, to a decrease in investment resources

The Central Bank in its interest rate policy focuses primarily on inflation rates. The refinancing rate of the Central Bank of the Russian Federation is not a directive for commercial banks in the area of ​​their credit relations with their clients and with other banks. Nevertheless, the level of the official refinancing rate serves as an indicator for commercial banks of the monetary policy pursued by the Bank of Russia and a certain benchmark in lending operations, including in the interbank market.

Refinancing loans are issued, as a rule, only to stable banks experiencing temporary financial difficulties. Performing the function of refinancing, in accordance with Articles 4 and 40 of the Federal Law "On the Central Bank Russian Federation(Bank of Russia)" The Central Bank of Russia acts as a lender of last resort or a bank of banks.

Refinancing loans are classified depending on:

1) forms of collateral (accounting and pawnshop loans);

2) presentation methods (direct loans and loans provided through auctions);

3) terms of provision (medium-term - for 3-4 months and short-term - for 1 or several days);

4) targeted nature (extended seasonal loans and corrective loans).

Refinancing mechanisms serve as a last resort for commercial banks to regulate their liquidity. Banks are forced to turn to refinancing when the possibilities of increasing liquidity in the interbank and open markets have been exhausted, and then the Central Bank becomes the lender of last resort.

Until 1995 the main loans of the Central Bank of the Russian Federation were loans to the Ministry of Finance of the Russian Federation to finance the deficit federal budget and centralized loans to commercial banks.

Centralized loans were provided by the Central Bank of the Russian Federation to commercial banks for lending to enterprises and organizations under government programs. This transaction was formalized by an interbank loan agreement on the basis of an application from a commercial bank for the provision of centralized credit resources to the territorial Main Directorate of the Central Bank of the Russian Federation. It contained an economic justification for the amount of the loan, its goals and terms, security, loan repayment schedules by the economic agency - the borrower to a commercial bank, and by the bank - the Central Bank of the Russian Federation. A prerequisite for granting loans was the observance by a commercial bank of established economic standards, taking into account the receipt of a loan by the Central Bank of the Russian Federation.

The main purpose of operations

Credit - provision by one party Money to the other party on the terms of repayment, urgency, and, as a rule, payment on the basis of a concluded loan agreement.

Central banks may lend for a variety of reasons. As an instrument of monetary policy, loans are used to regulate the volume of liquidity and have a direct impact on interest rates in the overnight segment of the interbank market. In addition, loans may be provided to ensure the smooth operation of the payment system, to assist a particular organization experiencing temporary liquidity difficulties, or to restore or maintain financial stability.

The Bank of Russia also uses secured loans in the performance of various of its functions, but mainly - as part of the implementation of monetary policy. At the same time, secured loans are presented in both main groups, which combine monetary policy instruments - today the Bank of Russia has both credit auctions and standing loans.

In order to assist systemically important credit institutions in meeting the short-term liquidity requirement, the Bank of Russia has created mechanism for granting loans under irrevocable credit lines. This mechanism provides for the provision of loans in accordance with agreements on opening an irrevocable credit line at an interest rate equal to the key rate increased by 1.75 percentage points.

The Bank of Russia in 2014-2016 provided foreign currency loans as part of the function of maintaining financial stability to provide credit institutions with dollar liquidity in a situation where access to it turned out to be difficult for reasons beyond their control. Loans were secured by rights of claim under loan agreements (denominated in US dollars) for terms of 28 and 365 days. Information on interest rates on refinancing mechanisms in foreign currency is given in the rubric “Interest rates on Bank of Russia operations in foreign currency” .

Main characteristics of operations

The sections below apply only to loans provided under standard monetary policy instruments.

Documents regulating the conduct of operations

Secured loans are provided in accordance with the Instruction of the Bank of Russia dated May 22, 2018 No. 4801-U "On the form and conditions of refinancing secured credit institutions" (hereinafter referred to as the Instruction) and the Conditions for Conducting Operations for the Granting and Repayment of Bank of Russia Loans Secured by Securities or Rights of Claim under Loan Agreements (hereinafter referred to as the Conditions).

In order to carry out operations in accordance with the Terms, a credit institution must, in accordance with the established procedure, apply to an authorized division of the Bank of Russia to conclude an agreement on participation in operations for the provision and repayment of Bank of Russia loans secured by securities or rights of claim under loan agreements (hereinafter referred to as the Participation Agreement).

Counterparties and eligibility criteria for secured loans from the Bank of Russia

Secured loans are provided only to Russian credit institutions. The Bank of Russia does not establish other criteria for concluding the Participation Agreement. But loans are provided only on the condition that the right of the credit institution to receive loans is not suspended, and also if the credit institution meets the following criteria defined in the Ordinance:

• assigned to the 1st or 2nd classification group based on the results of the assessment of the economic situation (loans secured by securities are also provided to banks of the 3rd classification group);
• has no overdue monetary obligations to the Bank of Russia, including on Bank of Russia loans and interest on them;
• does not have an unpaid underpayment to the required reserves or has and complies with the schedule approved by the Bank of Russia for the phased repayment of the underpayment to the required reserves;
• does not have an outstanding amount of non-fulfillment of the averaging of required reserves or an unpaid penalty for violation of mandatory reserve requirements;
• does not have a calculation of the amount of required reserves that has not been submitted to the Bank of Russia.

Document flow between the Bank of Russia and credit institutions

The Bank of Russia has determined a list of documents that credit institutions must send electronically. These documents can be sent to the Bank of Russia only by exchanging documents through personal accounts; sending them on paper is possible if it is technically impossible to send them to in electronic format.

Documents sent for the purpose of obtaining loans that are not included in the specified list, credit institutions can send both on paper and in electronic form (provided that the credit institution has the opportunity to send, and the Bank of Russia - to accept the document in electronic form).

Accounts to which loans are granted

Secured loans are provided to correspondent accounts (subcorrespondent accounts) serviced by subdivisions of the Bank of Russia. The list of such accounts, also called main accounts, is determined by the Participation Agreement.

The credit institution has the right to initiate a change in the list of main accounts by sending a request to the Bank of Russia to amend the Participation Agreement in the manner prescribed by the Terms. In cases specified by the Conditions, the Bank of Russia may, on its own initiative, exclude certain main accounts from the Participation Agreement.

Interest rates on loans

No interest is accrued on intraday loans, and no fee is charged for the right to use them. For other loans, interest is accrued on the amount of the principal debt (or the balance of this amount) from the day following the day the loan was granted, until the day of its actual repayment, inclusive, for each calendar day according to the simple interest formula.

Up-to-date information on interest rates for all types of secured loans from the Bank of Russia, including the minimum interest rates that may be specified in applications for participation in a credit auction, is given in the section “Interest rates on Bank of Russia operations”. Interest rates, with the exception of the minimum rates, are set by Bank of Russia Ordinance No. 4808-U dated June 1, 2018 “On the amount of interest rate on overnight credit of the Bank of Russia” and Bank of Russia Ordinance No. 4916-U dated September 24, 2018 “On interest rates on loans of the Bank of Russia" .

Repayment of loans and payment of interest on them

Repayment of loans (except for intraday loans), including early repayment of loans at the initiative of a credit institution or at the request of the Bank of Russia, and payment of interest on them is carried out by debiting funds from the correspondent account (subcorrespondent account) of the credit institution to which the corresponding loan was granted, on the basis of collection orders of the Bank of Russia.

Early repayment of loans is possible at the request of the Bank of Russia if there are grounds in accordance with the Terms or at the initiative of a credit institution. For early repayment of a loan at the initiative of a credit institution, the latter must notify the Bank of Russia of this in the manner prescribed by the Terms.

Bank of Russia loans are repaid in accordance with the established time schedule.

By default, the fulfillment of obligations under loans, including early fulfillment of obligations, is carried out during the main time . In this case, if a credit institution intends to use the collateral released from the pledge to obtain a new loan on the same day, it may send an application to the Bank of Russia to change the time for presenting collection orders in order to repay the loan, or include the corresponding condition in the notice of early fulfillment of obligations under the loan.

In case of early repayment of loans at the request of the Bank of Russia, collection orders may be presented by the Bank of Russia at any time.

Interest on the loan is paid together with the repayment of the entire or the last part of the principal debt (including in case of early repayment of the loan), and if the loan secured by non-marketable assets is granted for a period of more than 30 calendar days, also on the 20th day of each month.

Loan security (types of property)

Loans provided in accordance with the Terms may be secured by securities or claims under loan agreements (non-marketable assets). Each loan can be secured by only one type of property (either securities or non-marketable assets).

If the Participation Agreement provides for the provision of intraday or overnight credits to the main account, then it must provide for only one type of property that secures these loans provided to this main account. At the same time, there is no such restriction for other types of loans, that is, the Participation Agreement may provide for one or two types of property that these loans are secured with.

A credit institution has the right to initiate a change in the types of property that secure loans provided to the main account by sending to the Bank of Russia in accordance with the Terms procedure for applying for amendments to the Participation Agreement.

To obtain loans for each main account, a credit institution must form one or two collateral pools (depending on what types of property are specified in the Participation Agreement). Each collateral pool consists of only valuable papers or only from non-marketable assets. The procedure for the formation of collateral pools is established by the Conditions.

The list of securities accepted as collateral for Bank of Russia loans may include only those securities that are included in the Lombard List . (Bank of Russia requirements for the minimum rating level of issues (issuers) of securities included in the Lombard List of the Bank of Russia: press release of the Bank of Russia dated April 14, 2017 “On clarifying approaches to the formation of the Lombard List of the Bank of Russia”, press release of the Bank of Russia dated July 7 .2017 "On the use of credit ratings in the formation of the Lombard List of the Bank of Russia").

At the same time, on a certain day, some securities from the Lombard List may not be accepted as collateral for Bank of Russia loans due to their non-compliance with the requirements established by the Conditions. The Bank of Russia publishes Information on securities accepted on a certain day as collateral for loans.

In order to include securities accepted as collateral in the pool, a credit institution must transfer them to the “Blocked by the Bank of Russia” section of its owner’s depo account opened with a depositary authorized to register encumbrances of securities that are collateral for Bank of Russia loans.

In addition to securities, rights of claim under loan agreements are accepted as collateral for Bank of Russia loans. The obligated persons under such rights of claim may be the Russian Federation, constituent entities of the Russian Federation or municipalities included in the list established by the Bank of Russia, as well as legal entities - residents of the Russian Federation that meet the criteria established by the Bank of Russia.

In particular, the Bank of Russia establishes a list of the main types of economic activity of legal entities acting as borrowers or obligated persons under the specified rights of claim.

In order to be included in the pool of collateral for the right to claim under a loan agreement, a credit institution - with the exception of the cases specified in the Terms - along with sending the corresponding application, must submit to the Bank of Russia accounting statements and other information about the legal entity liable under the specified loan agreement, and in the future submit it at regular intervals. The Bank of Russia checks the compliance of financial statements and other information about a legal entity liable under a loan agreement with the requirements established by the Bank of Russia.

One of the cases when a credit institution does not have to submit financial statements and other information about a legal entity liable under a loan agreement is the inclusion of the specified legal entity in the List (analysis financial statements and other information about the legal entity in this case carried out by the Bank of Russia).

The decision on the application for inclusion of non-marketable assets in the collateral pool shall be taken by the Bank of Russia no later than 5 working days from the date of its receipt.

Adjustment factors and collateral sufficiency

The Bank of Russia uses adjustment coefficients to manage risks associated with lending operations, which are set both for accepted securities and for rights of claim under loan agreements.

The value of securities accepted as collateral for Bank of Russia loans and the adjustment factors by which this value is adjusted are published as part of the Information on Securities Accepted as Collateral for Loans on a Certain Date.

The value of the rights of claim under a loan agreement accepted as collateral for a loan from the Bank of Russia is determined in accordance with the procedure established by the Terms and is adjusted for adjustment factors.

Collateral for a Bank of Russia loan is considered sufficient if the value of the property accepted as collateral, adjusted for adjustment factors, is equal to or exceeds the amount of principal and interest for the period of use of the loan.

Lending to commercial credit organizations, being the right and obligation of the Central Bank, can and should play a very important, and sometimes critically significant role in ensuring the sustainable development of the national banking system as a whole and maintaining the healthy functioning of each commercial bank, meaning maintaining their current liquidity and uninterrupted settlement of all monetary obligations, including banks that are experiencing financial difficulties, but still have a chance to overcome them and remain among the normally operating ones.

These circumstances show the special significance and necessity of the existence of credit relations between the Central Bank and commercial banks.

In general, the need for central bank lending to commercial banks can be considered at the macro and micro levels.

At the macro level, the lending policy of banking institutions is primarily used to influence the state of the monetary sphere through loans issued by central banks and through the refinancing rate.

The mechanism of the impact of central bank loans on monetary turnover is as follows. A commercial bank, having received funds from the central bank, increases its investments and multiplicatively expands the money supply.

To prevent unexpected consequences from the issuance of loans by the Central Bank, only financially stable banks that are able to repay the loans received in a timely manner are subject to lending, while such loans are issued in strictly defined amounts, i.e., within the limits.

At the micro level, the lending mechanism mainly contributes to the liquidity of commercial banks. Credit and financial institutions, if they have a shortage of liquid funds to pay off their obligations, can apply to the Central Bank for a loan. The existence of a lending mechanism allows banks to minimize the stocks of highly liquid funds and at the same time ensure their liquidity. In this regard, lending contributes to the prevention of banking crises, since temporary borrowings received from the Central Bank replenish the cash reserves of commercial banks, eliminating the domino effect in the banking system.

Taking into account the fact that Central Bank loans have the potential to stimulate inflationary processes if they are not repaid in a timely manner, the condition for their issuance is that they be provided under liquid collateral by financially stable clients.

Having considered the special significance and necessity of credit relations between the Central Bank and commercial banks, we consider it important to note that an efficiently functioning credit system can exist only if the following conditions are met:

Developed financial market,

Availability of a reliable payment system operating in real time,

Stable banking system.

The presence of a developed financial market is necessary, since one of the main types of security for a loan received by a commercial bank is securities, the development and effective use of which is possible only if there is a developed securities market.

The presence of a reliable payment system operating in real time is necessary in the absence of funds on the correspondent account of a credit institution with the Bank of Russia. Then the payment of settlement documents submitted to the account of the credit institution, within the limits of the credit limit established for the account, is carried out at the expense of the loan of the Central Bank. During the day, the loan is repaid at the expense of current receipts to the account of the credit institution. If by the end of the working day of the Bank of Russia payment system the credit institution has not repaid the loan, the Bank of Russia automatically provides the credit institution with a loan for the amount of the intraday loan outstanding at the end of the day.

A stable banking system will ensure the possibility of the emergence of credit relations between the Central Bank and commercial banks and the guarantee of the fulfillment of relevant obligations by commercial banks.

Thus, having considered the significance of credit relations between the Central Bank and commercial banks and the conditions for their functioning, we can conclude that these phenomena are very closely interconnected. Thus, lending by the Central Bank to commercial banks is one of the main institutions for ensuring the normal functioning of the modern banking system. However, favorable existence this institution is difficult to imagine in the absence of at least one of the above conditions.

Having determined the need for credit relations between the Central Bank and commercial banks and the conditions for their functioning, we will consider the types of loans issued by the Central Bank.

In the Russian Federation, the banking system is represented by the Central and commercial banks, as well as other non-banking credit institutions. We can say that the banking system of the Russian Federation is a two-tier one. The upper level is represented by the Central Bank, and the lower level is represented by all the others.

Central Bank of the Russian Federation

The Central Bank of Russia is the largest bank operating in Russia. It is the subject of monetary regulation. Its goals and objectives are regulated at the level of the Constitution and federal legislation.

All banks can be divided into two categories: issuing, which is the Central Bank, and commercial banks. A feature of the issuing bank is that it has the right to issue national monetary units, as well as to regulate the circulation of funds in Russia.

Commercial banks

This category of banks includes credit institutions established to serve legal and individuals giving them the opportunity to conduct various financial transactions. Banks attract deposits, provide loans, and also carry out settlement, payment and intermediary operations. In addition, commercial banks participate in transactions in the stock and bond markets.

Commercial banks and the Central Bank differ in that the purpose of the former is to make a profit. Bank profit is called margin. It is calculated as the difference between the interest rate on loans issued by the bank and the interest rate on deposits.

Services provided by commercial banks

The adjective "commercial" indicates that the bank is set up to make a profit. But there are also banks that are more specialized in providing certain banking services.

The most common services provided by commercial banks are the following:

• granting loans to individuals and legal entities;
• conducting foreign exchange transactions;
• car loans;
• mortgage;
• exchange of damaged banknotes for unspoiled ones;
• creation and maintenance of settlement accounts for entities economic activity;
• operations with precious metals.

Tasks and goals of financial institutions

The tasks of the Central and commercial banks are different. The Bank of Russia operates in three main areas. First, he should try to maintain the stable functioning of the banking system, and also try to reduce the rate of liquidity decline in the entire banking system in the country as much as possible. Secondly, the Central Bank of Russia must ensure the reliability and efficiency of the entire payment system. The third task of the Central Bank is to maintain the purchasing power of the ruble, as well as to maintain a stable exchange rate.

On the this moment The government of the Russian Federation established a floating exchange rate regime for the ruble. Previously, the Central Bank tried to hold the exchange rate national currency due to targeted impact on the foreign exchange market.

Unlike various non-bank credit institutions and commercial banks, the Central Bank does not pursue any commercial goals in the course of its activities. The Bank of Russia is responsible for the development of the financial market in the Russian Federation, and also ensures its stability. Making a profit is not his main goal. This is the main difference between commercial banks and the Central Bank of the Russian Federation.

Importance of commercial banks

As mentioned earlier, the main objective of the operating activities of commercial banks is to make a profit. This is where their commercial interest lies. A commercial bank can be created on the basis of any form of ownership and is a business entity.

Commercial banks play an important role in the modern economy. They are intermediaries and carry out the distribution of capital between industries and regions of the state. One of the main tasks of commercial banks is to ensure the uninterrupted circulation of funds and capital in the state. Also, this category of banks is responsible for providing loans to industrial enterprises, the state and the population. In addition, commercial banks create conditions for the accumulation of funds of organizations and citizens.

Functions of the Central Bank

Due to the fact that commercial banks and the Central Bank pursue different goals in their activities, their functions also differ. To solve the tasks assigned to the Central Bank, it performs the following functions:

• storage of gold and foreign exchange reserves;
• accumulation and storage of reserves of credit institutions;
• control over credit institutions;
• issue of credit funds;
• lending to commercial banks;
• monetary regulation of the sector of the economy.

In order to perform these functions, there are many methods. The Bank of Russia has the right to change the norms of required reserves of banks and carry out market operations. Such operations include the purchase and sale of government bonds, bills of exchange and other securities.

Also, the Central Bank has the right to change the size of lending rates. This task is implemented within the framework of credit regulation. Another important area of ​​activity is the development of an exchange rate policy. All of the above methods are called general, since they affect the activities of all commercial banks, as well as the credit capital market.

In addition to general methods, there are also selective ones. Their application is aimed at regulating certain types of loans (annuity or consumer, for example). Also, these methods can be focused on providing loans to a variety of industries.

Examples of sampling methods are credit ceilings (limits), which are direct restriction the amount of loans that can be provided by certain banks in the territory of the Russian Federation. The second example of selective methods is the regulation of the conditions under which certain types of loans are issued. The central bank can set the difference between rates on loans and deposits.

"Bank of Banks"

The Central Bank does not cooperate with entrepreneurs and the population of the Russian Federation. Its main clients are commercial banks, which are intermediaries between the Central Bank of the Russian Federation and economic entities.

The Central Bank holds the cash of commercial banks. This money is called reserves. Historically, reserves have been held to pay off deposits. The minimum amount of the reserve in relation to the amount of liabilities on deposits is set by the Bank of Russia.

As a "bank of banks", the CBR is the body that regulates the entire Russian payment system. Under his responsibility is the creation and organization of interbank settlements, coordination and regulation of settlement systems. The Central Bank is the center of the entire banking system of the Russian Federation.

Functions of commercial banks

The main functions of the Central Bank and commercial banks differ significantly. If the work of the Central Bank is more of a regulatory nature, then the activities of commercial banks are associated with the redistribution of monetary resources and stimulation of savings.

The main function is to mediate loans. The bank is engaged in the redistribution of money that can be released in the process of turnover of the capital of enterprises and incomes of individuals. Redistribution of funds is carried out horizontally, that is, from the lender to the borrower. There are no intermediaries in this area. The payment for the use of capital is set under the influence of supply and demand.

The second function of commercial banks is to stimulate the creation of savings in the economy. In theory, it is the funds of commercial banks that should make up the bulk of the money intended for reforms in the economic sector.

The main incentive to create savings is the increase in deposit rates. In addition to them, guarantees of the reliability of depositing accumulated funds in a bank can act as an incentive. The third function, which is performed by commercial banks, is to mediate payments between economic entities.

Varieties of commercial banks

The economic role of commercial banks is growing every year. This is reflected in the fact that the scope of their activities is expanding, as well as new Financial services. There are banks in the world that provide their customers with more than three hundred services.

Banks can be classified according to different criteria. Depending on how it is formed authorized capital, commercial banks can be created in the form of joint-stock companies or LLC. In addition, they can be created with the participation of foreign banks or foreign capital.

Based on the types of operations that are performed by commercial banks, they are divided into universal and specialized. According to the territory of their activities, commercial banks can be divided into federal and regional.

Joint stock commercial banks

This category of banks is the most widespread in the world. The first joint-stock bank on the territory of the Russian Federation appeared in the middle of the 19th century in St. Petersburg. Joint stock banks can be divided into open joint stock companies and closed ones. Shares of OJSC can be purchased and sold by anyone. The subject composition of transactions with CJSC securities is significantly limited.

The largest Russian commercial banks are Sberbank, VTB, Alfa-Bank, FK-Otkritie and Gazprombank. These banks are the most profitable in the Russian Federation. AT recent times Tinkoff Bank is gaining popularity. Its feature is the complete rejection of branches. All transactions are made online. The bank has a large number of partners, in the terminals of which you can withdraw cash from a bank card.

Bank licenses

A banking license is a state license that is issued to a commercial bank and gives it the right to conduct various banking operations. First of all we are talking that the document allows you to attract clients' money as deposits, issue loans and carry out settlement and payment transactions by opening bank accounts.

In the Russian Federation for the issuance permit document The Central Bank is responsible for the commercial bank. A commercial bank is allowed to conduct banking operations only in accordance with the obtained license, which is issued by the Central Bank in the manner established at the legislative level.

The license must be registered in the registry. It indicates all transactions that can be carried out by the bank, as well as the currency in which these transactions can be carried out. The validity of the document is unlimited, however, the Bank of Russia may revoke licenses from commercial banks for violation of certain conditions for conducting activities.

Relations between the Central Bank of Russia and commercial banks

The main difference between the Central Bank and the commercial one lies in the controlling role of the former. It performs the functions of general regulation of the activities of each individual commercial bank.

The Bank of Russia uses all economic methods of management. And only in the case when their use is not able to achieve the desired effect, the Central Bank can use administrative methods of management in the process of regulation. The relationship between the Bank of Russia and commercial banks operating in the territory of the state is determined by the current banking legislation.

In order to regulate commercial banks, the Central Bank may increase or decrease the minimum required reserve rates, which are placed by commercial banks in the main bank of the state. Also, the Central Bank of the Russian Federation provides loans to commercial banks and can change their volumes along with interest rates.

The amount of the balance of funds that is subject to reservation in the Central Bank is determined on the basis of data from the balance sheet of commercial banks. In their balance sheet, all funds that were attracted as loans should be taken into account. The relationship of an economic nature between commercial banks and the Central Bank of Russia lies in the fact that the latter provides loans to commercial banks, and they, in turn, can issue loans to business entities.

The Bank of Russia provides loans to commercial banks within the limits of the total amount of loans issued, determined in accordance with the guidelines of the unified state monetary policy. These loans include: intraday loans, overnight overdrafts (overnight) and pawn loans for the periods established by the Bank of Russia.

Since March 1998, they have been issued only against the security (pledge) of government securities included in the Lombard List of the Bank of Russia.

After August 1998, these loans are secured by GKO OFZ with a maturity date after January 1, 1999, federal loan bonds with a constant coupon income and bonds of the Bank of Russia issued into circulation in accordance with Regulation of the Bank of Russia "On the procedure for issuing bonds of the Russian Federation" dated August 28, 1998,Ng 52- VI.

The Board of Directors of the Bank of Russia, on the proposal of the Credit Committee of the given bank, approves, amends and supplements the Lombard List and officially publishes it in the Bulletin of the Bank of Russia. He also approves the terms of loans, interest rates, as well as fees for the right to use intraday loans.

With sufficient collateral, a commercial bank can receive several types of loans on the same day, including pawnshop loans for different or identical terms, or several intraday loans.

Loans on behalf of the Bank of Russia are provided to commercial banks by authorized institutions (GRCC, RCC) on the basis of a general loan agreement.

The general conditions for granting and repaying loans from the Bank of Russia are:

1. Concluding a general loan agreement with the Bank of Russia,
which defines the types of loans required by the commercial
bank.

In order to receive an overnight loan, an additional agreement must be concluded to the correspondent account agreement on the possibility of such a loan on granting the Bank of Russia the right to write off funds in the amount of its claims on loans not repaid on time, as well as fees for the right to use intraday loans without a bank order - correspondent account holder.

This write-off will be made on the basis of a collection order from an authorized institution of the Bank of Russia in the order of priority established by law.

2. The borrowing bank must have a depo account with an authorized depository and conclude an additional agreement to the depository agreement with the depository, including:

On the opening of the “Blocked by the Bank of Russia” section on its depo account and on the right of the Bank of Russia to assign a full number to this section, on the right of the Bank of Russia to open and assign numbers to certain sections of cases on the bank’s depo account, etc.

3. Credits from the Bank of Russia are provided subject to the bank's prior blocking of government securities in the "Blocked by the Bank of Russia" section of the bank's depo account with the depository.

Banks independently determine the number and issue of government securities and securities of the Central Bank of the Russian Federation subject to preliminary blocking.

Securities accepted as collateral must meet the following meeting requirements:

• must be included in the pawn list;
• accounted for on a bank depo account opened with a depository;
• belong to the bank on the right of ownership and not be burdened with other obligations of the bank;
• have a maturity date not earlier than 10 calendar days after the maturity date of the loan provided by the Bank of Russia.

4. The borrowing bank at the time of granting the loan must meet the following criteria:

• have sufficient collateral for the loan;
• comply with mandatory reserve requirements in full;
• have no overdue debt on loans previously provided by the Bank of Russia and interest on them, as well as other overdue financial obligations to the latter.

Loan collateral is considered sufficient if the market value of securities pre-blocked by the bank at the beginning of the day, adjusted by the appropriate adjustment factor (from 0 to 1) set by the Bank of Russia, is greater than or equal to the amount of the loan requested by the bank, including the amount of accrued interest for the expected period of using the loan .