OREANDA-NEWS. The Bank of Russia held an auction to provide loans secured by non-marketable assets at a floating interest rate.

The auction was attended by 18 credit institutions which submitted their bids for Bank of Russia loans on master (credit) accounts opened in 24 Russian regions. Bids offering interest rates in the range of 12.75% p.a. to 13.50% p.a. were submitted to the auction. The auction demand totalled 667.6 billion rubles.

As a result of the auction the cut-off rate was set at 12.75% p.a.

The interest rate on the loans provided is also 12.75% p.a. The volume of funds provided as a result of the auction is 667.6 billion rubles. The maturity is 3 months (the settlement date - 10 June 2015, the maturity date - 9 September 2015). The type of the auction is a Dutch one. The maximum allotment amount is 700.00 billion rubles.

The auction was held in compliance with Article 46 of Federal Law No. 86-FZ, dated 10 July 2002, 'On the Central Bank of the Russian Federation (Bank of Russia)' and Bank of Russia Regulation No. 312-P, dated 12 November 2007, 'On the Procedure for Extending Bank of Russia Loans to Credit Institutions Secured by Assets or Guarantees'.