Information about the operation of banks and the payment system, operations of the Bank of Russia from 30 March to 3 April

27.03.2020

In connection with the Decree of the President of the Russian Federation No. 206 dated 25 March 2020, On Declaring Non-Working Days in the Russian Federation, the Bank of Russia informs as follows.

In the period from 30 March to 3 April 2020, the Bank of Russia recommends that credit institutions carry out their regular operations in a format similar to operations during the winter holidays; if necessary, the credit institutions should compile a list of offices on duty and publish information about their open hours on their official websites.

Nonetheless, during the above time, credit institutions shall make the funds available to legal entities for the payment of wages and other social payments as usual.

Bank of Russia recommends that banks ensure the proper functioning of all remote customer services, including ATMs, self-service units, mobile banking systems, and online transfers.

When servicing their customers, credit institutions shall take account of the operation of the Bank of Russia's payment system and customer cash servicing (credit institutions and the Federal Treasury).

Operation of the Bank of Russia's payment system and customer cash servicing

In the period from 30 March to 3 April 2020, the Bank of Russia's payment system, as well as the Express Payment System will operate routinely as during a normal business week. The same operation format shall apply to cash services provided to the customers of the Bank of Russia (credit institutions, Federal Treasury).

MIR payment system, as well as other payment systems operating on the Russian market, will also operate as usual.

Operations of the Bank of Russia

Bank of Russia will continue to carry out liquidity adjustment operations, as well as transactions on the domestic currency market taking into account the following:

- REPO transaction at a fixed rate on 27, 30, 31 March and 3 April 2020, daily, completing the first transaction part on the day of booking and the second part on 6 April 2020;

- the Bank of Russia's secured loans, upon application under standard and specialized refinancing instruments, will be granted on 27, 30, 31 March, 1, 2 and 3 April 2020 with the loan repayment date not earlier than 6 April 2020;

- the repayment of Bank of Russia loans, which are due between 30 March and 3 April 2020, will be made on 6 April 2020;

- early repayment of the Bank of Russia loans at the initiative of credit institutions may be made in the period from 30 March to 3 April 2020;

- overnight deposit transactions will be carried out on 27, 30, 31 March, 1, 2 and 3 April 2020 with the placement of funds on the day of the transaction and the date of deposit return and payment of interest on 6 April 2020;

- the refund for the weekly deposit auction held on 24 March 2020 will be made on 1 April 2020;

- the weekly deposit auction will be held on 31 March 2020 with the date of raising funds to deposit on 1 April 2020;

- fine-tuning auction transaction will be carried out if necessary taking into account the liquidity situation in the banking sector;

- FX swap transactions in the domestic currency market will be conducted on 27, 30, and 31 March, and 1, 2 and 3 April 2020 on standard terms;

- FX buy/sell transactions on the exchange market of Moscow Exchange PJSC will be held on 27, 30, and 31 March, and 1, 2 and 3 April 2020 with the settlement date on the next trading day;

- documents related to the creation of collateral pools will be accepted as usual in the period from 30 March to 3 April 2020.

Accounting

In order to minimize the number of employees of credit institutions involved in accounting in the period from 30 March to 3 April 2020, the Bank of Russia notes that Regulation of the Bank of Russia No. 579-P of 27 February 2017 On the Chart of Accounts and Procedure for Credit Institutions does not require a daily balance sheet for non-working days. According to item 1.3 of Section 3 of Regulations 579-P, transactions made on non-working days shall be recorded in the primary accounting documents as of the calendar date of the actual transaction and may be recognized in the accounting records using one of the following methods set out in the accounting policy:

- as separate business days with a daily balance sheet and day documents for the respective calendar date;

- recognized in the standard analytical and synthetic accounting forms on the business day following the day off (6 April 2020).

To this end, credit institutions shall make their own decisions on adopting the business day in the period from 30 March to 3 April, its duration, as well as on the method of accounting for transactions made during this period.

Reports of credit institutions submitted to the Bank of Russia

If the deadline for submission of reports and other information to the Bank of Russia (except for cases requiring the urgent submission of information in accordance with regulations and requests of supervisory nature) falls on the specified period, 6 April 2020 shall be considered as the deadline for submission.

Please make reference to the Press Service of the Bank of Russia if you intend to use this information.

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