INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of May 24, 2017 No. 4384-U

About establishment of economic standard rates for the microcredit company raising money of physical persons, including the individual entrepreneurs who are founders (participants, shareholders) and (or) legal entities in the form of loans

This Instruction based on Item 5.1 of part 4 of article 14 of the Federal Law of July 2, 2010 No. 151-FZ "About microfinancial activities and the microfinancial organizations" (The Russian Federation Code, 2010, No. 27, Art. 3435; 2011, No. 27, Art. 3880; No. 49, Art. 7040; 2013, No. 26, Art. 3207; No. 30, Art. 4084; No. 51, Art. 6683, Art. 6695; 2014, No. 26, Art. 3395; 2015, No. 27, Art. 4001; No. 29, Art. 4357; 2016, No. 1, Art. 27; No. 27, the Art. 4163, the Art. 4225), article 76.4 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26 of Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 1, Art. 46; No. 14, Art. 1997; No. 18, the Art. 2661, the Art. 2669) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of April 14, 2017 No. 8) establish economic standard rates for the microcredit company raising money of physical persons in volume number of the individual entrepreneurs who are her founders (participants, shareholders) and (or) legal entities in the form of loans (further - economic standard rates).

1. Economic standard rates are:

the standard rate of sufficiency of own means (further - the standard rate of HMKK1);

the standard rate of liquidity (further - the standard rate of HMKK2).

For the purpose of calculation of economic standard rates are used this to the reporting, including accounting (financial) records, and financial accounting.

2. The standard rate of HMKK1 is calculated by formula:

where:

To - own means of the microcredit company determined as the Section III result amount "The capital and reserves" ("Target financing" for non-profit organizations) the balance sheet;

Зс - outstanding amount of the microcredit company on principal debt on the loans and the credits obtained by the microcredit company (except for provided in non-cash form) which are at the same time meeting the following conditions:

the loan or the loan is granted to the microcredit company by physical persons, including the individual entrepreneurs who are her founders (shareholders, participants), and (or) legal entities who are her founders (shareholders, participants);

the loan or the loan is granted for the term of at least 5 years without the right of complete or partial early reclamation by their creditor (creditor) before the expiration of the specified term;

the extreme size of the percent charged on loan amount or the credit does not exceed the key interest rate of the Bank of Russia operating for date of the conclusion of the loan agreement or the credit increased in time 1,2;

And - the assets of the microcredit company determined as the amount of results of the Sections I "Non-current Assets" and II "Current assets" of the balance sheet less the indicator amount "Money and cash equivalents";

A1 - the cost of the following assets:

the financial investments regarding the provided legal entities and (or) individual entrepreneurs who are at the time of the conclusion of the agreement of microloan subjects of small and medium entrepreneurship, money under agreements of microloan less the amount of the reserves on possible losses on loans (on the amount of principal debt) created on them according to the Instruction of the Bank of Russia of June 28, 2016 No. 4054-U "About procedure for forming by the microfinancial organizations of reserves on possible losses on loans", the registered Ministry of Justice of the Russian Federation on July 28, 2016 No. 43023 (further - the Instruction of the Bank of Russia No. 4054-U);

receivables on interest incomes on the microloans provided to legal entities and (or) individual entrepreneurs being at the time of the conclusion of the agreement of microloan subjects of small and medium entrepreneurship which join interest for using microloan, and also any predefined the agreement of microloan the income on microloan, less the amount of the reserves on possible losses on loans (on the amount of requirements for the added interest incomes) created on them according to the Instruction of the Bank of Russia No. 4054-U;

A2 - the cost of the following assets:

the financial investments regarding the provided physical persons who are not individual entrepreneurs, money under the agreements of microloan signed for a period of up to 30 days inclusive in the amount to 30 thousand rubles inclusive less the amount of the reserves on possible losses on loans (on the amount of principal debt) created on them according to the Instruction of the Bank of Russia No. 4054-U;

receivables on interest incomes on the microloans provided to the physical persons who are not individual entrepreneurs under the agreements of microloan signed for a period of up to 30 days inclusive in the amount to 30 thousand rubles inclusive which join interest for using microloan, and also any predefined the agreement of microloan the income on microloan, less the amount of the reserves on possible losses on loans (on the amount of requirements for the added interest incomes) created on them according to the Instruction of the Bank of Russia No. 4054-U.

3. If before the termination of completion date of the loan obtained by the microcredit company or the credit (or separate tranche on them) meeting requirements of Item 2 presents of the Instruction there were more than 5 years, the outstanding amount on principal debt on such loan or the credit (or to separate tranche on them) is taken into consideration of the standard rate of HMKK1 in complete size.

If before the termination of completion date of the loan obtained by the microcredit company or the credit (or separate tranche on them) meeting requirements of Item 2 presents of the Instruction there were 5 years and less, the outstanding amount on principal debt on such loan or the credit (or to separate tranche on them) is taken into consideration of the standard rate of HMKK1 for residual cost according to formula:

where:

About - residual cost of outstanding amount on principal debt on loan or the credit for settlement date of the standard rate of HMKK1;

Д - the complete size of outstanding amount on principal debt on loan or the credit;

With - depreciation period: quantity remained before repayment of loan amount or the credit of complete quarters which counting is conducted with the repayment date specified in the loan agreement or the credit (1 <= With <= 20, With is accepted by value 20 during the first quarter of depreciation period, value 19 during the second quarter of depreciation period and so on, finishing with value 1 during the last quarter which remained before repayment of loan amount or the credit).

If the loan agreement or the credit provides step-by-step repayment of loan or credit, residual cost is calculated as the amount of the residual costs of each separate tranche determined according to this Item taking into account the terms of their repayment provided by the agreement.

4. Minimum admissible numerical value of the standard rate HMKK1 is established in the amount of 5 percent.

5. The standard rate of HMKK2 is calculated by formula:

where:

LA - the quick assets of the microcredit company determined as result of the Section II "Current assets" of the balance sheet less the amounts of indicators "Inventories", "The value added tax on the acquired values" of the specified Section;

TO - the short-term obligations of the microcredit company determined as result of the Section V "Short-term obligations" of the balance sheet less the amounts of indicators "Deferred revenues" and "Estimative obligations" of the specified Section.

6. Minimum admissible numerical value of the standard rate HMKK2 is established in the amount of 70 percent.

7. This Instruction is subject to official publication and becomes effective since January 1, 2018.

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