RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of December 27, 2006 No. 217

About approval of the Instruction for placement, the address and repayment of short-term bonds of National Bank of the Republic of Belarus

Based on articles 26 and 55 of the Bank code of the Republic of Belarus and subitem 1.1 of Item 1 of the Presidential decree of the Republic of Belarus of April 28, 2006 "About some questions of regulation of the security market" the Board of National Bank of the Republic of Belarus DECIDES: No. 277

1. Approve the enclosed Instruction for placement, the address and repayment of short-term bonds of National Bank of the Republic of Belarus.

2. This resolution becomes effective after its official publication.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of February 27, 2006 No. 217

Instruction for placement, address and repayment of short-term bonds of National Bank of the Republic of Belarus

Chapter 1. General provisions

1. This Instruction determines procedure for placement, the address and repayment of short-term bonds of National Bank of the Republic of Belarus (further - bonds).

Bonds are emitted by National Bank of the Republic of Belarus (further - National Bank) within carrying out single state monetary policy.

Bonds are personalized securities and are issued in Belarusian rubles in paperless form in the form of records on accounts.

2. For the purposes of this Instruction following terms are used in the following values:

private auction - the auction held by National Bank on primary placement of bonds among primary investors;

the purchasing request of bonds - set of the offers on the prices and amounts determining intention of primary investor to acquire bonds;

investors - the legal, physical persons who are owners of bonds;

the minimum selling price of the bond, or stop-out price - the lower level of selling price of the bond established by National Bank;

open amount of issue - the bond issue amount established by National Bank after holding the auction in case of determination of parameters of its completion;

primary investor - the bank of the Republic of Belarus created according to the legislation, which received the consent of National Bank to implementation of transactions with securities, having special permission (license) for implementation of professional and exchange activity on securities (the constituting works and services: broker, dealer activities) and taking part in primary placement of bonds;

software and hardware complex National bankasovokupnost of the program and technical means established in National Bank and providing carrying out primary placement of bonds;

weighted average price of the bond - the price of one bond determined as the relation of the amount of the satisfied competitive offers on bond purchase by the prices and amounts to the total amount of the satisfied competitive offers;

current value of the bond - bond value for certain date in the period of its address;

the remote terminal - the workplace of primary investor located out of National Bank and intended for input of requests in software and hardware complex of National Bank;

authorized depositary - the depositary having the right to perform functions on accounting of the rights to the government securities emitted by the Ministry of Finance of the Republic of Belarus on behalf of Council of Ministers of the Republic of Belarus and securities of National Bank, and also other functions determined by the legislation;

the authorized representative of primary investor - the employee of primary investor representing based on the power of attorney its interests when carrying out transactions with bonds;

the established issue amount - the bond issue amount established by National Bank in case of determination of key parameters of holding the auction;

the central depositary - the depositary which is that according to the legislation;

the electronic document - the document in electronic form with the details allowing to establish its integrity and authenticity which conforms to requirements, the established Law of the Republic of Belarus of December 28, 2009 "About the electronic document and the digital signature" (The national register of legal acts of the Republic of Belarus, 2010, No. 15, 2/1665);

the secondary market of bonds - the relations developing in the course of the circulation of earlier issued bonds between subjects of the security market (except for emergence of the rights certified by bonds at their first owners);

the bidder - the professional participant of the security market admitted to trading in Belarusian Currency and Stock Exchange open joint stock company (further - the exchange) according to the legislation and rules of the exchange;

clients - the legal entities or physical persons making transactions with bonds through bidders based on the agreement.

The terms "personal key of the digital signature", "authenticity of the electronic document", "integrity of the electronic document" and "digital signature" are used in the values determined by the Law of the Republic of Belarus "About the electronic document and the digital signature".

3. Primary placement of bonds is performed by their sale:

on private auctions (further - auction) and (or) the additional placements which are carried out by National Bank;

without holding the auction.

4. Current value of the bond (C) it is determined in Belarusian rubles by the following formula:

where  C - the weighted average price of the bond which developed in case of placement of this release
bonds at auction, Belarusian rubles;

П - profitability on weighted average price of the bonds placed at auction, annual interest rates to within ten-thousand shares of percent;

t365 - the number of days of the circulation of bonds of this release falling on the calendar year consisting of 365 days;

t366 - the number of days of the circulation of bonds of this release falling on the calendar year consisting of 366 days.

When calculating number of days of the circulation of bonds day of placement and day of calculation of current value of the bond are considered in one afternoon. If the period includes transition since the calendar year consisting of 365 days for the calendar year consisting of 366 days, or on the contrary, then in case of determination of t365 and t366 values the number of days in the first part of the period irrespective of the number of days in calendar year decreases.

Calculation of current value is made to within 1 Belarusian ruble taking into account the first sign after comma.

5. Profitability on weighted average price of the bonds (P) placed at auction is calculated by the following formula:

where N - nominal value of the bond, Belarusian rubles;

C - the weighted average price of the bond which developed in case of placement of this bond issue at auction, Belarusian rubles;

T365 - the circulation period of bonds of this release falling on the calendar year consisting of 365 days;

T366 - the circulation period of bonds of this release falling on the calendar year consisting of 366 days.

When calculating circulation period of bonds day of placement and repayment day of the bond are considered in one afternoon. If the period includes transition since the calendar year consisting of 365 days for the calendar year consisting of 366 days, or on the contrary, then in case of determination of T365 and T366 values the number of days in the first part of the period irrespective of the number of days in calendar year decreases.

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