The Bank of Russia approved new parameters of the fee for the right to use an irrevocable credit line and canceled the maximum aggregate limit (15.12.2023)

The Board of Directors of the Bank of Russia approved new parameters of the irrevocable credit line (ICL) opened to credit organizations for compliance with the short-term liquidity ratio (STL), due to the fact that systemically important organizations will be withdrawing from the relaxation of compliance with this ratio.

From 01.03.2024, a differentiated fee will be charged for the right to use the BCL.

The part of the maximum possible limit of BCL, which allows replenishing the amount of highly liquid assets necessary for increasing the actual value of NCL from 80 to 100%, will be paid at the rate of 0.1% per annum. The remaining part of the maximum possible limit under BCL agreement will be paid at 1.5% per annum.

The procedure for calculating the fee will be determined by an order of the Bank of Russia.

Differentiation of the fee for the right to use BKL will encourage systemically important banks to independently maintain NKL at 80%, which is set as the target starting from 01.01.2026.

The maximum aggregate limit on irrevocable credit lines is also abolished.