The Board of Directors of Agency on insurance of contributions (ASV) approved request to the Bank of Russia with a request to increase to 220 billion rubles the amount of the loan to ensure the financial sustainability of the Deposit insurance system.
Thus, the credit line limit of the Central Bank will grow to 820 billion rubles from the current 600 billion rubles, reports RBC.
According to the Central Bank on 7 October, of the approved limit is 600 billion roubles was chosen 444 billion of loans.
The original size of the credit line of the Bank amounted to 110 billion rubles, and later he grew up to 250 first billion, and then to 420 billion From the end of summer 2015, the Agency stopped publishing the amount of the Deposit insurance Fund, without explaining the reason for the closure of this information. The CBA, however, then assured that the DIA will not be limited to loans from the CBRF to make payments to depositors.
Last summer, the Deputy Director of ACB Andrei Melnikov said that to replenish the Deposit insurance Fund by the end of the first half was spent 358 billion rubles from the Central Bank credit.
At the same time, the Board of Directors of the Agency decided to increase for banks increased supplementary rate to the maximum possible level of 500% of the base.
The solution for those credit institutions that offer deposits with interest rates three percentage points above the base rate, calculated by the Central Bank (in October 2016, it was 10,19% per annum for deposits for a term longer than one year). Now for these banks set an additional rate of 300% of the base.
For the first time, banks began to pay a higher additional amount to the Fund from the second half of 2015. In 2016, it twice increased in April from 150 to 200%, and October – up to 300%. After only three months, it has announced another sharp increase up to 500%.
The rate change was expected for market participants, because of the increase in deductions for the most aggressive of the banks was made by the Bank of Russia and Ministry of Finance.
The state Corporation “Agency on insurance of contributions”, created in December 2003, among other things, manages the Fund of compulsory insurance of deposits, which make contributions the participating banks and which paid out compensation to depositors if their Bank stopped working.
Banks, selectable insurance Agency contest for the reimbursement of depositors deprived of licenses of banks, insurance the victims from their funds and the DIA then compensate them for the amount spent.
ASV has the right to resort to financing the payment of insurance compensation at the expense of credits of the Central Bank, if the size of Fund of obligatory insurance of contributions will fall below 40 billion.
As of August 1, 2016, the size of the Deposit insurance Fund amounted to 36.6 billion rubles. To mass clearing of the banking sector, which began in mid-2013, the Fund was replenished mostly by contributions paid by banks, it now is formed mainly at the expense of credits of the Central Bank.