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Regulatory Changes Take Effect: New Risk-Weighting Coefficient of 20% for VEB.RF’s Rouble-Denominated Debt Instruments

12 october 2021 года
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The Bank of Russia’s Directive No. 5886-U of 18 August 2021, amending Instruction of the Bank of Russia No. 199-I of 28 November 2019 “On Banks’ Required Ratios and Capital Adequacy Buffers for Banks with a Universal Licence”, became effective on 12 October.

“This is long-awaited news for us, our investors and lenders. The effect of the Bank of Russia’s decision will facilitate interbank cooperation, including by bolstering the demand for VEB.RF’s public debt instruments among Russian banks. The regulatory changes will create the necessary conditions for scaling up capital market funding for VEB.RF’s operations and will allow us to work with Russian banks to provide financing for landmark investment projects in the Russian economy,” said Konstantin Vyshkovskiy, Senior Banker and Member of the Management Board, VEB.RF.

The regulatory changes provide that banks should invariably use a lowered risk-weighting coefficient of 20% to calculate their prudential ratios for creditors’ claims denominated and funded in roubles in relation to VEB.RF (including investments in VEB.RF bonds).

The amendments to the Bank of Russia’s instruction are only the first step. Further changes are expected to be made to banking regulation in the near future to reflect the fact that the regulator has recognised the high creditworthiness of VEB.RF as a borrower and its status as Russia’s leading national development institution.


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