Interbank market interest rates. Interbank rate is

Bank interest is one of the most developed forms in Russia loan interest. It occurs when one of the subjects credit relations acts as a bank.

A bank, like any credit institution, places borrowed funds rather than its own for a loan. The share of income received by the bank represents compensation for intermediation, “risk pooling” and credit score. The risk of non-fulfillment of obligations to the bank for its assets exceeds the risk of non-fulfillment of obligations to the depositor for liabilities. Thus, it assumes the risk of loan defaults. In addition, depositors accept a lower interest rate on funds transferred to the bank so as not to have to search for clients and assess their creditworthiness.

Level bank interest By passive operations, in addition to general factors, depends on:

* term and size of attracted resources;
* reliability of a commercial bank;
* strength of relationship with the client.

The interest level on the interbank money market, other things being equal, usually exceeds the norm deposit interest, since it takes into account costs and interests credit institution providing the loan.

The private factors underlying the determination of the level of interest on active bank operations include:

* cost price loan capital;
* borrower's creditworthiness;
* purpose of the loan;
* nature of the security;
* term and volume of the loan provided.

The upper limit of the interest rate for the loan is determined market conditions. The lower limit takes into account the bank’s costs of raising funds and ensuring the functioning of the credit institution.

When calculating the interest rate in each specific transaction, a commercial bank takes into account:

* base interest rate level;
* risk premium subject to conditions loan agreement.

The base interest rate (P base) is determined based on the estimated cost of credit investments and the established levels of profitability of the bank’s lending operations for the coming period:

P bases = C 1 +C 2 +P m ,

Where WITH 1 - average real price all credit resources for the planned period;

WITH 2 - the ratio of planned expenses to ensure the functioning of the bank to the expected volume of productively allocated funds;

P m - the planned level of profitability of the bank's lending operations with minimal risk.

The average real price of credit resources (C 1) is determined by the weighted average arithmetic formula based on the price of a particular type of resource and its share in total amount funds mobilized by the bank (paid and free).

Average real price individual species resources is determined on the basis of the market nominal price of the specified resources and adjustments to the norm mandatory reserve deposited with the Central Bank of the Russian Federation.

In particular,

where C ? - the average real price of time deposits attracted by the bank;

P ? - average market level of deposit interest.

The average real price is determined similarly for other sources of funds that provide for the transfer of funds to the required reserve fund.

The risk premium is differentiated depending on the following criteria:

* borrower's creditworthiness;
* availability of loan collateral;
* loan term;
* the strength of the client’s relationship with the bank.

Considering that interest on a bank’s active operations plays an important role in generating income, and fees for attracted resources occupy a significant place in its expenses, the problem of determining the interest margin is of current importance (M fact ), those. differences between average rates for active (P A) and passive bank operations (P P):

M fact = P A - P P

The main factors influencing the size of the interest margin are the volume and composition of credit investments and their sources, payment terms, the nature of the applied interest rates and their movements.

Under the current lending practice in our country, as a rule, fixed interest rates are applied that are not subject to revision until the end of the loan transaction. However, moving along the path of creating a market mechanism, one cannot ignore the experience of Western countries, where at the same time there is a set of interest rates, which, in most cases, are revised depending on market conditions and adapt to it.

Under these conditions, all assets and liabilities are usually divided into four categories in accordance with the speed of regulation of interest payments and the transition to new level rates. There is the following classification:

A. Assets and liabilities subject to immediate and complete repricing of interest rates when market conditions change.

B. Full regulation within three months.

C. Assets and liabilities for which rates are revised over a period exceeding three months.

D. Fully funded assets and liabilities.

The interaction of these factors is determined by comparing the first two categories of assets (A + B) with similar liabilities, taking into account the current market situation.

During a period when interest rates are rising, the ratio is more favorable for the bank when

those. the number of assets with variable interest rates exceeds the corresponding amount of liabilities, and therefore the gap in rates on active and passive operations increases - the interest margin increases.

On the contrary, when the market interest rate falls, it is advisable to adhere to the following ratio, when and reinforce assets with fixed rates at the expense of liabilities characterized by the urgency of revising interest payments.

To effectively manage income from lending operations, the minimum interest margin is determined and analyzed, characterizing the current amount of costs not covered by received commissions and other income for each ruble of productively allocated funds:

Where P b- expenses for ensuring the functioning of the bank (all expenses, except for the amounts of accrued interest);

D P- other income of a credit institution (income, excluding income from active operations of the bank); reimbursement by clients of postal and telegraph expenses, received fees for services provided to enterprises, interest and commissions received in addition to previous years, and claimed interest and commissions overpaid to clients in previous years, other income;

A ? - a bank balance sheet asset that generates income on invested funds: loan investments, purchased securities, funds transferred to enterprises for participation in their economic activity, and etc.

The above approaches are used commercial banks when carrying out the interest rate policy on active and passive operations.

Types of bets:

· MOSPRIME (MosPrime Rate - Moscow Prime Offered Rate) - an independent indicative rate calculated by the National Monetary Association based on the provision of ruble loan (deposit) rates for 1, 2, 3 months by several leading banks in the country.

The list of banks is revised no more than once a year and includes at least 6 banks. When including banks in this list, their reputation, financial position, volume of transactions and experience in the Moscow money market are taken into account.

Quotes for calculating MosPrime Rate are provided by eight Russian banks - Sberbank, Gazprombank, Vneshtorgbank, Citibank, International Moscow Bank, Raiffeisenbank, ABN AMRO and WestLB Vostok. The rate is set daily and reflects the level of rates at which these banks are willing to provide loans to top-notch financial institutions.

Data on the rate are published daily on the website of the National Monetary Association.

· MIACR (English: Moscow Interbank Actual Credit Rate) - the interest rate for the provision of interbank loans by commercial banks, weighted by the volume of actual transactions.
· MIBOR (English - Moscow Interbank Offered Rate) - the average interest rate (per annum) announced by Moscow banks for the provision of interbank loans.
· MIBID (English: Moscow Interbank Bid Rate) - the announced rate for attracting interbank loans. As a rule, interbank lending rates announced by each individual Russian bank(even the largest) are not called MIBOR and MIBID. These terms are mainly used to denote the average interest rates for the sale and attraction of loans on the interbank market, calculated by the Central Bank of the Russian Federation based on the rates of commercial banks.

The last time the technology for calculating MIBOR and MIBID was changed was on August 1, 2000. Since then they have been calculated as the arithmetic average of the rates of individual banks based on data mandatory form reporting No. 325, introduced by the instruction of the Central Bank of Russia No. 799-U. Add to list credit institutions authorized to submit reporting No. 325, 33 largest Russian banks are included.

MIBOR and MIBID are calculated for only one currency - the Russian ruble - for periods: 1 day, 2-7 days, 8-30 days, 31-90 days, 91-180 days, and from 181 days to 1 year.

Despite its considerable age (about 10 years), MIBOR, unlike its older brother LIBOR, has not yet been able to take its rightful place in the financial markets of Russia. LIBOR is not only a generally recognized indicator of the London interbank market, but is also actively used as a basis for calculating interest rates on loans around the world (for example, an IMF loan under LIBOR + 1%), and MIBOR remains only a reference indicator of the Russian interbank market, used to analyze the market situation.

In November 2006, the level of rates on ruble interbank loans was determined as in the last decade previous month, a reduction in the volume of liquid ruble funds of credit institutions. However, the monthly average volume decline was not as significant as at the end of October. As a result, the average level of interbank lending rates for all terms in November was lower than in the last ten days of October. The range of fluctuations in rates on one-day interbank loans in November narrowed compared to October and amounted to 5.1 -8.9% per annum. The average monthly MIACR rate on overnight ruble interbank loans increased to 6.2% per annum in November from 4.1% per annum in October. In November, the rates of foreign exchange interbank credits placed by Russian banks, as in previous months, were determined primarily by the world market environment. money market. The average monthly MIACR rate on overnight interbank loans in US dollars in November amounted to 5.3% per annum, unchanged compared to October. The volatility of rates on the Russian interbank credit market decreased somewhat in November. The average monthly absolute change in the daily MIACR rate on overnight ruble interbank loans in November amounted to 1/8 of its average monthly value versus 1/6 in October. The share of overdue debt in the total volume of placed ruble interbank loans as of November 1, 2006, as at the beginning of the previous month, did not exceed 0.1%. In August the situation Russian market The interbank loan remained relatively stable due to the preservation of a significant volume of liquid ruble funds of credit institutions, combined with the strengthening of the ruble against the US dollar. Throughout the month, the MIACR rate on overnight ruble interbank loans did not exceed 3.5% per annum. However, the increase in deposit rates of the Bank of Russia contributed to moderate growth the general level of interbank lending rates. As a result, the average monthly MIACR rate on overnight ruble interbank loans increased from 2.0% per annum in July to 2.3% per annum in August. The rates of foreign exchange interbank credits placed by Russian banks in August, as in previous periods, were determined primarily by the conditions of the world money market. The average monthly MIACR rate on overnight interbank loans in US dollars decreased from 5.5% in July to 5.4% per annum in August. The volatility of rates on the Russian interbank credit market decreased somewhat in August. The average monthly absolute change in the daily MIACR rate on overnight ruble interbank loans in August was about 2/9 of the average monthly value of this rate versus 2/7 in July. The share of overdue debt in the total volume of placed ruble interbank loans as of August 1, 2006, as at the beginning of the previous month, did not exceed 0.1%.

Interbank lending- this is the attraction and placement on a contractual basis banks among themselves free monetary resources in the form of deposits and loans.

The interbank lending system has two levels: the first reflects the movement of funds between the Bank of Russia and commercial banks, the second - between various commercial banks.

IN modern conditions To quickly attract funds, they use the opportunities of the interbank resource market, where funds mobilized by other credit organizations are sold.

The interbank mechanism is the main source of borrowed credit resources of commercial banks, a source of funds to maintain the solvency of the balance sheet and ensure the uninterrupted fulfillment of obligations. It is provided, as a rule, within the framework of correspondent relationships.

Attraction of interbank credit is carried out either by banks themselves through direct negotiations, or through financial intermediaries. If banks themselves agree on an interbank loan, then their relations are formalized by special agreements, which are concluded mainly on certain period. Resources are also attracted in the form of centralized loans. Loans from the Bank of Russia are provided to commercial banks in the form of financing and on a competitive basis.

Depending on the term, interbank loans are distinguished on demand and urgent. Urgent interbank loans are attracted and placed for the following terms: 1 day, 2-7 days,
8-30 days, 31-90 days, 91-180 days, 181 days - 1 year, 1-3 years, over 3 years. The form of interbank loan on demand provides for the provision of an interbank loan for a minimum period established by the agreement, after which the loan becomes perpetual and can be claimed by the lender at any time with prior notice.

The interbank lending market in Russia is very narrow. The most active 30 banks account for about 60% of the interbank lending (IBC) market. Low activity on the interbank market and the growth of market share among banks indicate a low level of confidence in the interbank market as a whole.

Research shows that the turnover of funds in the interbank market for periods of up to 1 week is about 90% of the total volume of interbank transactions.

Thus, by assessing the level of activity of banks in the short-term interbank market, the level of activity of banks in the short-term interbank lending market and the effectiveness of short-term liquidity management in the banking sector are assessed.

Based on the degree of involvement in the interbank market, Russian banks can be classified into three echelons.

Interbank loans

Interbank loan- a loan provided by one bank to another, or bank deposits placed in other banks.

The subjects of credit relations in this case are banks - commercial and central. Banks with free credit resources sell these resources on the interbank loan market - the money market. With the help of interbank loans, banks can quickly manage their liquidity, quickly raise funds if necessary, or place temporarily free credit resources.

Participants in the interbank loan market, along with banks that conduct their operations irregularly, include active operators of the interbank loan market - dealer banks acting on their own behalf and at their own expense. The latter can act as borrowers or lenders. Their income is the interest margin, i.e. the difference between placement and fundraising rates.

A commercial bank can attract a loan from another bank directly or through an intermediary (another bank, brokerage house, etc.). Interbank credit is a rather expensive credit resource, however, unlike deposits, it no reserve requirements are established, and therefore the entire amount of the interbank loan received can be used by the bank for profitable investments.

Interbank lending rates

The price of credit resources is the interest rate on a loan for interbank market- develops under the influence of supply and demand. An idea of the state of the interbank loan market is given by special indicators, which include:

MIBOR(Moscow Interbank Offered Rate) — average rate on offers for sale;
MIBID(Moscow Interbank Bid) - average bid on purchase offers;
MIACR(Moscow Interbank Actual Credit Rate) - the weighted average actual interest rate on interbank loans.

The above indicators are calculated for the largest banks in Russia - participants in the interbank lending market.

The level of interest rates in the interbank loan market is differentiated depending on the terms of the loan.

To start working in the interbank lending market, a commercial bank must calculate the limit for the counterparty bank. There are special methods for calculating the limit on counterparty banks that make it possible to adequately assess the condition of any bank based on an analysis of balance sheet data, economic standards, and transcripts of individual balance sheet accounts taken over time. Most often, the limit is calculated based on data on the equity capital of the counterparty bank using a special synthetic coefficient. reflecting the financial position of the bank. This coefficient is developed by the counterparty bank itself.

Contracts on the interbank loan market are mainly long-term in nature. Credit transactions are concluded on the basis of a general agreement on general conditions conducting operations on the domestic foreign exchange and money markets. In Russian practice, interbank loans are provided by banks without collateral as blank loans, the only guarantee of return is the loan agreement.

Authorized employees (dealers) of the creditor bank and the borrower bank negotiate and conclude transactions by telephone, fax, and also through the REUTERS DEALING-2000 system. The loan is considered received when the funds are credited to the correspondent account of the party receiving Russian rubles, in one of the payment centers, clearing center or bank through which settlements are carried out.

To register and carry out activities, the parties provide each other with the following documents:

notarized copies constituent documents(memorandum of association, charter);
notarized copies of licenses to operate banking operations;
a notarized copy of the card with sample signatures of authorized bank employees;
detailed balance sheet for 2nd order accounts and calculation of ratios as of the last reporting date, signed by authorized persons and sealed by the bank;
a notarized copy of the certificate of state registration jar.

The parties undertake to maintain strict confidentiality of information regarding transactions and recognize the legal force of documents transferred to in electronic format, on par with the originals.

If there are temporarily free monetary resources or a need to purchase credit funds, dealers of the parties via communication systems send an offer to conclude a transaction (offer), which contains following conditions:

amount and currency of interbank credit;
interest rate and interest payment terms;
dates of crediting funds to the corresponding correspondent accounts;
instructions for making relevant payments;
reference to the number and date of the current master agreement.

The transaction is considered concluded at the moment the party that sent the offer (the offeror) receives the response of the other party (the acceptor). In this case, the party’s response agreeing to conclude a transaction on terms different from those proposed by the other party does not constitute acceptance. Such a response is a refusal of acceptance and at the same time a new offer.

Interest for using the loan is accrued for each calendar day of using the interbank loan, starting from the date of crediting the funds to the borrower's correspondent account to the date of crediting the funds to the lender's correspondent account.

There is no provision for prolongation of the interbank loan within the framework of the general agreement. If there is a mutual agreement, the delay of credit resources from the borrower is formalized with the consent of the lender as new deal with the beginning of the action falling on the expiration date of the previous one, with mandatory payment of interest on the previous transaction.

Repayment of an interbank loan is made in one amount at the end of the loan term. If the amount of funds received from the borrower aimed at repaying the debt on the loan is insufficient to repay the debt and pay accrued interest, the lender has the right to first repay the amount of the penalty, then the main interest on the interbank loan. and send the remaining amount to repay the interbank loan, regardless of the repayment procedure specified in payment order borrower.

Early return interbank loan or part thereof is permitted only with the written consent of the lender. When early repayment Without the written consent of the creditor, interest is accrued and paid for the entire period of its use, established by the relevant transaction, without the written consent of the creditor.

Interbank lending can also be carried out in the form mutual lending of correspondent accounts. If there is a temporary lack of funds in the LORO current account of the correspondent bank, it is provided with an overdraft loan, the terms of which are usually specified in the correspondent agreement. In the case of an intraday overdraft, interest on the loan is calculated based on the period of use of the loan, calculated in minutes. A fixed amount can also be set for using funds during the day. The borrowing bank pays the debt on interest for the provided overdraft based on the statement of correspondent account NOSTRO.

What are interbank loans

The interbank lending market – as the name suggests, is a market for lending between banks. At the same time, from the point of view accounting An interbank loan can be an asset of the bank (when the bank provides a loan) or a liability (resource base) - if the bank attracts a loan from another bank. The interbank debt market is an over-the-counter market. Banks open mutual lending limits to each other. Of course, this is preceded by a study of risk management by the service financial statements bank for which the limit is supposed to be opened.

Interbank loans are short-term. As a rule, the period for issuing such loans is one day, a week, in exceptional cases a longer period.

The opportunity to obtain a loan from another bank makes it possible to quickly replenish the resource base. For example, if there is a shortage of resources at a certain point in time, a bank can attract an interbank loan. If there is an excess of resources, on the contrary, provide a loan to another bank in order to obtain additional income. However, the situation when interbank loans occupy a large share in the structure of a commercial bank's liabilities is not entirely healthy. Thus, attracting short-term interbank loans and placing them in long-term assets - for example, loans to the population, in the event of a massive closure of the lending limit for this bank by counterparties will lead to the bank’s inability to maintain its resource base. Even if the loans provided by a commercial bank to the population are repaid without delay, the repayment period for such loans is extended over time. And it is necessary to fulfill obligations in a short period of time - the bank is simply physically unable to attract such a volume of funds from other sources. Which, in essence, means bank bankruptcy. And in the event of an unstable situation, banks very quickly close mutual lending limits - so-called “crises of confidence” arise.

Interbank lending rates MIBID, MIBOR, MIACR, MIACR-IG, MosPrime Rate, RUONIA

In general, when they talk about the interbank lending market, they mean not only loans between commercial banks, but loans issued by the central bank to commercial banks, as well as deposits placed by commercial banks in the central bank.

The Central Bank lending rate for commercial banks is linked to the key rate.

At the same time, rates for lending from one bank to another are not separately regulated - rates are formed depending on the market situation based on supply and demand. It is clear that the rate at which a bank will be willing to lend to a specific bank will include a risk premium - for banks that are considered reliable, the rate will be lower.

To say at what rate a particular bank is ready to provide a loan to another bank without having access to special system, impossible.

Discovered

However, there are indicators that allow us to assess the level of interbank lending rates in this moment time.

MIBID (Moscow InterBank Bid) – the average announced rate at which Moscow banks are willing to attract interbank loans.

MIBOR(Moscow InterBank Offered Rate) - the average announced rate at which Moscow banks are willing to place a loan with another bank

MIACR(Moscow InterBank Actual Credit Rate) – weighted average rates at which interbank loan placement operations were actually carried out.

MIBID, MIBOR, MIACR rates are determined by the Central Bank based on daily reports provided by commercial banks. At the same time, information on large Moscow banks is taken into account, which form up to 80% of the turnover in the interbank lending market. The calculation is made as follows.

MIBID and MIBOR rates are calculated as the arithmetic average of the rates indicated by banks in mandatory reporting. In this case, the 10% highest and 10% lowest interest rates are not taken into account. The MIACR calculation takes into account the interest rates at which real transactions were made. In this case, weighted average values are taken into account (by analogy with the weighted average values of transactions on the foreign exchange exchange when calculating the official ruble exchange rate)

A separate indicator is highlighted MIACR-I.G.(Moscow InterBank Actual Credit Rate - Investment Grade) - weighted average interest rates provided to commercial banks with a high credit rating.

You can view the current dynamics of the above indicators by loan terms on the Central Bank page.

In addition to the indicated indicators of interbank interest rates calculated by the Central Bank, there are a number of indicators calculated by independent organizations, namely:

MosPrimeRate(Moscow Prime Offered Rate) - an indicative rate for the provision of ruble loans, calculated by the National Monetary Association, based on the rates of the largest banks - “contributors”, first-class financial institutions. Currently, the list of contributors includes 9 banks: OJSC ALFA-BANK, OJSC VTB Bank, Vnesheconombank, Gazprombank (OJSC) ING Bank (Eurasia) CJSC, CJSC Raiffeisenbank, OJSC Rosselkhozbank, OJSC Sberbank of Russia , CJSC "UniCredit Bank". The indicator is calculated in terms of lending terms: overnight, week, two weeks, one, two, three and six months. The value of the MosPrime Rate indicator can be viewed on the website mosprime.com.

RUONIA(Ruble Overnight Index Average) - the weighted average rate, calculated by the National Monetary Association, reflects the cost of borrowing for a period of one day (overnight) for borrowers with a minimum credit risk. The current value of the indicator, as well as the list of participants that are taken into account, can be found on the website www.ruonia.ru

Of course it's not full list indicators that characterize rates on the interbank market. But certain conclusions about the state of this market can be drawn based on the given values. So, for example, after a sharp increase in key rate Central Bank we observed a surge in overnight rates (RUONIA indicator). This surge indicates a certain lack of liquidity that banks began to experience at that point in time. At the moment the indicator value exceeded 25%. At the same time, along with the increased value of the indicator, the volume of transactions also increased. Overnight rates gradually stabilized at 17%, which indicates some stabilization of the situation in the banking system. How long this stabilization will last, and whether there will be another acute surge in crisis phenomena, and whether rates will return to their previous (pre-crisis) values - no one can say for sure now. But by observing the values of certain indicators, understanding the relationships between the processes that characterize these indicators, we can assume certain scenarios for the development of the situation. And in the event of the implementation of one or another scenario, make specific decisions.

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Interbank market is

What is Mibor? The meaning of the word Mibor in popular dictionaries and encyclopedias, examples of the use of the term in everyday life.

Mibor–Business Dictionary

Mibor–Economic Dictionary

the average accepted interest rate (percent per annum) announced by the largest Moscow banks when selling interbank loans.

Mibor–Economic Dictionary

MIBOR — Moscow Interbank Offered Rate is the average annual accepted interest rate announced by the largest Moscow banks when selling interbank loans.

Mibor–Economic Dictionary

— the average accepted interest rate (percent per annum) announced by the largest Moscow banks when selling interbank loans.

Mibor–Economic Dictionary

(MIBOR - Moscow Interbank Offered Rate) - the average accepted annual interest rate announced by the largest Moscow banks when selling interbank loans.

Words close in meaning

Mibid

Business dictionary

Mibid

the average accepted interest rate (percent per annum) announced by the largest Moscow dealer banks when purchasing interbank loans.

Economic dictionary

Mibid

MIBID — Moscow Interbank Bid Rate is the average accepted annual interest rate announced by the largest Moscow dealer banks when purchasing interbank loans.

Economic dictionary

Mibid

— the average accepted interest rate (percent per annum) announced by the largest Moscow dealer banks when purchasing interbank loans.

Economic dictionary

Mibid (mibd)

— Moscow Interbank Bid Rate) — the average accepted annual interest rate announced by the largest Moscow dealer banks when purchasing interbank loans.

Economic dictionary

Interbank credit market(interbankers credit market) - part of the money market in which mutual lending operations are carried out by banks and credit institutions.

The interbank credit market is a key sector of interbank financial market, including operations in hryvnia and foreign currency loans, including short-term and ultra-short. The interbank credit market is one of the sources of funds for active operations of banks in other sectors of the market.

The interbank credit market performs the task of promptly providing the banking system with resources, maintaining its liquidity and stability. Loans received by banks are classified as so-called managed liabilities. Here, banks play an active role in obtaining credit resources by directly accessing the money market, as opposed to their passive role in attracting funds to clients' deposit accounts.

Interbank loans dominate the total volume of money market transactions. Operations in the interbank credit market take place within the framework of correspondent relations of banks. The source of loans is interbank deposits, which banks keep in correspondent accounts of each other and with the central bank.

A feature of the market for interbank loans (deposits) is the short-term nature of their provision: the market is structured for “long-term” deposits (for a period of one day – overnight – to 1–4 weeks). Interbank loans are used as a means of maintaining and promptly regulating the liquidity of bank balance sheets, sometimes for lending to enterprises in the non-financial sector or conducting transactions in foreign exchange and stock markets in order to increase profitability.

There is a constant flow of free resources in the economy monetary capital from the interbank credit market to other segments of the financial market (foreign exchange, government papers) depending on current profitability, inflation rates and other factors of economic conditions.

The interbank money market sector is divided into two large segments: interbank loan market And loan market central bank ; the latter occupy a significant place among the borrowed resources of commercial banks. Abroad, such loans are used exclusively as a temporary, rather expensive resource, which is associated with the role of the central bank as a lender of last resort, whose resources should be the most expensive.

Loans from the National Bank predominate in the structure of the interbank credit market. NBU in order of short-term financial assistance loans to commercial banks to close the debit balance in the correspondent reserve account at the central bank. At the same time, refinancing of commercial banks to maintain their liquidity and profitability occurs not on a centralized, but on a market basis.

Central bank credit auctions are one of the tools monetary policy and are carried out in the form of auctions of applications according to the English or Dutch system, or an auction with a fixed rate, and the execution of a loan agreement, using collateral instruments. Financially stable banks that do not have overdue debt on loans from the central bank and comply with its economic standards are allowed to participate in refinancing auctions. Quantitative parameters for including an application in the auction are established (lending quota for one bank, the ratio of the auction loan to the bank’s capital and to loans issued by the bank to its clients, interest rate on loans).

A form of lending to commercial banks is also refinancing through the purchase by the central bank of government securities from their portfolio; in this case sums of money for purchased securities go to the bank's correspondent account and replenish its credit resources.

A type of refinancing is a “repo” type transaction - an agreement to purchase securities from buyback. These are short-term loans to banks secured securities(most often state-owned) with the condition of redeeming them within a certain period at an established rate. Repo transactions well regulate the bank's liquidity position.

A specific form of refinancing is the rediscounting by the central bank of bills of exchange of enterprises discounted by commercial banks. Essentially National Bank doesn't buy commercial bills, but provides commercial banks pawn loan against these bills of exchange ( required condition– the first-class nature of the securities being rediscounted).

In any case, a commercial bank’s appeal to the NBU is considered an exceptional phenomenon and is satisfied only after a thorough analysis of it. financial situation and the ability of a commercial bank to repay the loan.

Direct interbank lending can be practiced by commercial banks in various forms. Thus, the provision of interbank loans can occur through trading of deposits held in correspondent reserve accounts of the central bank. In the USA, loans are issued to one commercial bank to another from federal funds (bank deposits in the Federal reserve bank) in the form of short-term (usually one-day, but sometimes up to 3-6-9 months) loans.

INTERBANK CREDIT MARKET

The economic basis of the federal funds market is excess funds (above the required minimum) held in reserve accounts at the central bank. Banks trade these secondary reserves either directly, choosing partners offering the highest interest rates, or through brokers. Trade federal funds quickly replenishes the bank's short-term resources, which are cheaper than direct borrowing from the central bank, and does not require collateral.

The European interbank credit market is dominated by transactions on the London Interbank Deposit Market, which trades resources for different maturities, the fees for which are based on the LIBOR rate.

Interbank credit market rates are important financial indicators of its condition and assessment of the attractiveness of presence on it. In Ukraine, on the basis of quotes from leading banks - money market operators, bid rates, attraction of monetary resources in the interbank market, and average levels of real rates are calculated.

Interbank loan market

Weighted average actual rates on loans in rubles provided by Moscow banks

(MIACR - Moscow InterBank Actual Credit Rate)
(in percent per annum)

Weighted average actual rates on loans in rubles provided by Moscow banks to Russian banks with high credit ratings

(MIACR-IG - Moscow InterBank Actual Credit Rate - Investment Grade)
(in percent per annum)

Turnover of transactions on loans in rubles provided by Moscow banks

(MIACR)
(million rubles)

Turnover of transactions on loans in rubles provided by Moscow banks to Russian banks with a high credit rating

(MIACR-IG)
(million rubles)

Retrospective block MIACR-IG, MIACR-B (USD)

The procedure for calculating interbank credit market rates MIACR, MIACR-IG, MIACR-B and the corresponding transaction turnover

To automatically obtain data, use the API (web services of the Bank of Russia)

MIACR (MIACR) is the average actual rate on Moscow interbank loans placed by banks.

Explanation

MIACR - the average actual rate on interbank loans placed by reporting banks is calculated as an average weighted by the volume of loans provided for each term.

MIACR-IG, the average effective rate on loans that reporting banks placed in Russian banks having credit rating not lower than investment grade (not lower than Baa3 according to Moody’s, BBB- according to Fitch and Standard & Poor’s), calculated as a weighted average by the volume of loans provided to the named group of banks for each term.

MIACR B is the average effective rate on loans that reporting banks placed with Russian banks that have a speculative credit rating from B3 to B1 as assessed by Moody’s or from B- to B+ as assessed by Fitch and Standard & Poor’s.

Interbank loan

The MIACR-B rate is calculated as a weighted average by the volume of loans provided to the named group of banks for each term.

Transactions with highest stakes(10% of the total volume of transactions) and transactions with the lowest rates (10% of the total volume of transactions).

The turnover indicators of transactions for the placement of all interbank credits, for the placement of interbank credits to banks with a credit rating not lower than investment credit, and for the placement of interbank credits to banks with a speculative credit rating, correspond to the turnover of transactions on the basis of which the rates MIACR, MIACR-IG and MIACR-B are calculated, respectively.

MIACR is calculated by the Central Bank of Russia based on reporting data from credit institutions - the largest participants in the Russian money market in accordance with Bank of Russia Directive No. 2332-U dated November 12, 2009.

The name MIACR from the English Moscow InterBank Actual Credit Rate is the Moscow actual rate on placed interbank loans.

Additionally

Indicators of interbank market rates since 08/01/2000 (cbr.ru)

The procedure for calculating interbank credit market rates MIBID, MIBOR, MIACR, MIACR-IG and MIACR-B and the corresponding transaction turnover (cbr.ru)