The Central Bank will grant non-bank credit organizations permission to establish correspondent accounts with banks in friendly countries. This is indicated in documents published by the regulator.
For such non-bank credit organizations, one of the regulations will become more flexible. According to the regulator's initiative, the calculation of Norm N16.1, which defines the indicator of providing own loans to borrowers on its own behalf and at its own expense, will exclude balances on correspondent accounts in banks resident in friendly countries, regardless of their international credit rating. This concerns the long-term creditworthiness rating assigned by credit rating agencies.
The balances of these funds in correspondent accounts will be included in the calculation of Norm N6 in full, provided that the non-resident bank has an international rating below "BBB-". Norm N16 represents the maximum aggregate amount of loans issued to participant-settlement clients.
Currently, the State Duma of the Russian Federation is considering a draft law on the possibility for financial organizations with basic licenses to open correspondent accounts with foreign banks. According to the proponents of this bill, this innovation will facilitate the prompt execution of settlements with foreign counterparts.
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