PROVISION OF THE CENTRAL BANK OF RUSSIA

of March 4, 2010 No. 357-P

About conditions of making by the Bank of Russia of transactions of direct repo with the Russian credit institutions in the market of government securities

1. This Provision according to the Federal Law of July 10, 2002 N 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, N 28, Art. 2790; 2003, N 2, Art. 157; N 52, of Art. 5032; 2004, N 27, Art. 2711; N 31, of Art. 3233; 2005, N 25, Art. 2426; N 30, of Art. 3101; 2006, N 19, Art. 2061; N 25, of Art. 2648; 2007, N 1, Art. 9, Art. 10; N 10, of Art. 1151; N 18, of Art. 2117; 2008, N 42, Art. 4696, Art. 4699; N 44, of the Art. 4982, N 52, Art. 6229, Art. 6231; 2009, N 1, Art. 25; N 29, of Art. 3629; N 48, of the Art. 5731), the Federal Law of April 22, 1996 N 39-FZ "About the security market" (The Russian Federation Code, 1996, N 17, Art. 1918; 1998, N 48, Art. 5857; 2001, N 33, Art. 3424; 2002, N 52, Art. 5141; 2004, N 27, Art. 2711; N 31, of Art. 3225; 2005, N 11, Art. 900; N 25, of Art. 2426; 2006, N 1, Art. 5; N 2, of Art. 172; N 17, of Art. 1780; N 31, of Art. 3437; N 43, of Art. 4412; 2007, N 1, Art. 45; N 18, of Art. 2117; N 22, of Art. 2563; N 41, of Art. 4845; N 50, of the Art. 6247, Art. 6249; 2008, N 44, Art. 4982; N 52, of Art. 6221; 2009, N 1, Art. 28; N 7, of Art. 777; N 18, of Art. 2154; N 23, of Art. 2770; N 29, of Art. 3642; N 48, of the Art. 5731, N 52, the Art. 6428), the Provision of the Bank of Russia of March 25, 2003 N 219-P "About servicing and the address of releases of federal government securities", the registered Ministry of Justice of the Russian Federation on April 23, 2003 N 4438 ("the Bulletin of the Bank of Russia" of July 17, 2003 N 40), and the Provision of the Bank of Russia of March 25, 2003 N 220-P "About procedure for the conclusion and execution of repo transactions with government securities of the Russian Federation", the registered Ministry of Justice of the Russian Federation on April 23, 2003 N 4439 ("the Bulletin of the Bank of Russia" of July 17, 2003 N 40), determines conditions of making by the Bank of Russia of transactions of direct repo with the Russian credit institutions, signed the agreement on accomplishment of functions of the Dealer with the Bank of Russia (further - credit institutions) in the market of government securities in the Sector for payment under the state federal securities of "Moscow Interbank Currency Exchange" private company (further - the market of government securities).

2. For the purpose of this provision the transaction of direct repo is understood as the repurchase agreement signed in the market of government securities between the Bank of Russia (the buyer according to the repurchase agreement) and credit institution (the seller according to the repurchase agreement).

3. Information on securities with which the Bank of Russia makes transactions of direct repo is brought by the Bank of Russia to the attention of credit institutions, including with use of the website of the Bank of Russia on the Internet. At the same time the structure of securities with which the Bank of Russia does not make transactions of direct repo including includes the securities which are not included in the Lombard list of the Bank of Russia, not allowed to market circulation of government securities and also:

the securities having repayment period (except partial repayment) before two working days following completion date of the second part of the transaction of direct repo (inclusive);

the securities emitted by credit institution with which the Bank of Russia concludes the bargain of direct repo or concerning which the credit institution with which the Bank of Russia concludes the bargain of direct repo acts as the guarantor (guarantor).

4. The Bank of Russia makes transactions of direct repo with payments in currency of the Russian Federation.

5. For the purpose of transactions of direct repo the Bank of Russia signs with credit institution the general agreement about general terms of making by the Bank of Russia and credit institution of transactions of direct repo in the market of government securities (further - the general agreement). Conditions of the general agreement (including changes and amendments to it) are brought by the Bank of Russia to the attention of credit institutions, including with use of the website of the Bank of Russia on the Internet.

The Bank of Russia signs the general agreement with the credit institution which sent to territorial office of the Bank of Russia in the place of maintaining its correspondent account (further - territorial office of the Bank of Russia) the statement for intention to sign the general agreement (appendix to this Provision) (further - the statement) with appendix of the following properly processed documents (further - set of documents): two signed copies of the general agreement; the powers of attorney on signing of the statement and general agreement containing specimen signatures of person (persons), the representative (authorized) on signing specified documents (when signing the statement and general agreement by the head of credit institution of the power of attorney are not required).

The territorial office of the Bank of Russia in time no later than five working days after day of receipt of the statement with set of documents signs two copies of the general agreement and returns to credit institution one copy of the signed general agreement.

6. Transactions of direct repo are made according to Rules of the address on MICEX of securities, bargains with which are concluded in Trade system in the market of government securities with payment under transactions in currency of the Russian Federation in the Sector for payment under the state federal securities in the Organized market of securities, and the general agreement.

In case of transactions of direct repo calculations money are perfromed through Non-bank credit institution MICEX Clearing House private company (further - MICEX Clearing house), delivery of securities - through National Depositary Center Private company. Other procedure of payments money or deliveries of securities can be provided by the general agreement.

7. With each credit institution which signed the general agreement with the Bank of Russia, the Bank of Russia makes transactions of direct repo within the maximum amount of obligations of credit institution established by the Bank of Russia according to all existing bargains of direct repo concluded on organized (exchange) and unorganized (off-exchange) the markets (further - limit of transactions of direct repo).

8. The Bank of Russia concludes bargains of direct repo with credit institutions in case of simultaneous accomplishment of the following conditions:

in the presence at the Bank of Russia of the general agreement signed with credit institution and observance by credit institution of the conditions established by this general agreement;

in the presence the Bank of Russia has rights to cash write-off from correspondent account (the sub-account (sub-accounts) of credit institution opened (opened) in division (divisions) of settlement network of the Bank of Russia, the bank accounts opened in MICEX Clearing house based on collection orders of the Bank of Russia without order of the account holder in the amount unexecuted the credit institution of obligations determined according to the general agreement;

if credit institution according to the Instruction of the Bank of Russia of April 30, 2008 N 2005-U "About assessment of economic situation of banks", the registered Ministry of Justice of the Russian Federation on May 26, 2008 N 11755, on September 14, 2009 N 14760 ("the Bulletin of the Bank of Russia" of June 4, 2008 N 28, of September 21, 2009 N 55), concerns to 1st, 2nd or 3rd classification group. At the same time the Bank of Russia has the right to make the decision on carrying out by the Bank of Russia transactions of direct repo with credit institution if it treats the 4th or 5th classification group;

in case of absence at credit institution of overdue monetary commitments before the Bank of Russia, nedovznosa in required reserves, unpaid penalties for violation of standard rates of required reserves, unpresented calculation of the size of required reserves;

in case of establishment by the Bank of Russia for credit institution of limit of transactions of the direct repo other than zero.

9. Transactions of direct repo are made by the Bank of Russia in the following forms:

auction of requests for the conclusion of transactions of direct repo (further auction of direct repo);

the biddings according to the conclusion of transactions of direct repo on the terms of the fixed rate of direct repo established by the Bank of Russia;

the biddings according to the conclusion of transactions of direct repo on the terms of market rates, not below the minimum rate of direct repo established by the Bank of Russia.

10. Before transactions of direct repo the Bank of Russia establishes and informs credit institutions by means of technical means of "Moscow Interbank Currency Exchange" Private company (further - technical means of MICEX Ltd) and (or) via the website of the Bank of Russia on the Internet of condition of transactions of direct repo (including the list of securities with which bargains of direct repo, form of transactions of direct repo, term of direct repo, minimum rate of direct repo, fixed rate of direct repo, initial value of discount, the lower extreme value of discount, the upper extreme value of discount, time regulations of transactions of direct repo are concluded).

11. In case of transactions of direct repo at auction of direct repo the transaction of direct repo consists the Bank of Russia on the interest rate specified in the request of credit institution (but not below the interest rate of cutting off established by the Bank of Russia by results of order taking), in the amount specified in the request.

In case of transactions of direct repo on the terms of fixed rate of direct repo the transaction of direct repo consists on the interest rate established by the Bank of Russia in the amount specified in the request.

In case of transactions of direct repo on the terms of market rates not below minimum rate of direct repo the transaction of direct repo consists the Bank of Russia on the interest rate specified in the request of credit institution, but not below the minimum rate of direct repo established by the Bank of Russia in the amount specified in the request.

12. In case of non-execution by credit institution of the second part of the transaction of direct repo the Bank of Russia according to the general agreement has the right to enable the realization of the securities received from credit institution by the first part of the transaction of direct repo in the organized market of securities.

13. The Bank of Russia no later than hour after time of the end of auction of direct repo opens by means of technical means of MICEX Ltd and posts on the website of the Bank of Russia on the Internet information on total amount and weighted average rate of the bargains of direct repo concluded by the Bank of Russia following the results of auction of direct repo.

14. From the date of entry into force of this provision to recognize invalid:

Instruction of the Bank of Russia of December 30, 2003 N 1365-U "About features of carrying out transactions of direct repo by the Bank of Russia with credit institutions", registered by the Ministry of Justice of the Russian Federation on April 13, 2004 N 5741 ("the Bulletin of the Bank of Russia" of April 21, 2004 N 23);

Instruction of the Bank of Russia of September 23, 2008 N 2070-U "About modification of the Instruction of the Bank of Russia of December 30, 2003 N 1365-U "About features of carrying out transactions of direct repo by the Bank of Russia with credit institutions", registered by the Ministry of Justice of the Russian Federation on October 1, 2008 N 12370 ("the Bulletin of the Bank of Russia" of October 8, 2008 N 56).

15. This Provision becomes effective after 10 days after day of its official publication in "the Bulletin of the Bank of Russia".

Appendix

to the Provision of the Central Bank of Russia of March 4, 2010 No. 357-P

 
       Об условиях совершения Банком России сделок прямого РЕПО с
    российскими кредитными организациями на рынке государственных
                             ценных бумаг
       
     Территориальное учреждение Банка России
     ____________________________________
       
                     Примерный образец заявления
    о намерении заключить генеральное соглашение об общих условиях
   совершения Банком России и кредитной организацией сделок прямого
              РЕПО на рынке государственных ценных бумаг
       
     Настоящим _________________________________________(___________),
               (полное и сокращенное фирменное наименование кредитной
                                    организации)
лицензия Центрального  банка  Российской  Федерации  на  осуществление
банковских операций _________________________________________________,
                                    (дата выдачи и номер)
договор о  выполнении  функций  Дилера на рынке государственных ценных
бумаг________________________________________________________________,
                           (дата и номер)

почтовый адрес   для  получения  корреспонденции  от  территориального
учреждения Банка России: _____________________________________________
_____________________________________________________________________,
платежные реквизиты: _________________________________________________
______________________________________________________________________
(номер корреспондентского счета кредитной организации в Банке России,
                            БИК, ИНН, КПП)
выражает намерение заключить с Банком России генеральное соглашение об
общих условиях  совершения  Банком  России  и  кредитной  организацией
сделок  прямого  РЕПО  на  рынке государственных ценных бумаг (далее -
генеральное соглашение).
     К настоящему заявлению прилагаются:
     два подписанных   экземпляра   генерального  соглашения,  на  ___
листах;
     доверенности на  подписание  заявления и генерального соглашения,
содержащие    образцы    подписи    лица    (лиц),     уполномоченного
(уполномоченных)  на  подписание  указанных документов (при подписании
заявления   и   соглашения   руководителем    кредитной    организации
доверенностине требуются), на ___ листах.
       
     Наименование должности
     уполномоченного лица
     кредитной организации _________________ _________________________
                            Личная подпись        Инициалы, фамилия
       
     Наименование должности
     исполнителя, номер телефона ________________ ____________________
                                  Личная подпись    Инициалы, фамилия
       
     Дата
     М.П.

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