Deposit Insurance Agency might ask CBR for loan in Oct if needed
MOSCOW. Sept 25 (Interfax) - The Deposit Insurance Agency (DIA) has not yet asked the Central Bank of Russia (CBR) for a loan to support the liquidity of the Deposit Insurance Fund (DIF), but plans to take advantage of this option starting in October, the DIA told Interfax.
The board of directors of the DIA earlier approved the possibility of asking the CBR for loans of up to 110 billion rubles for up to five years in order to bolster the DIF.
"The DIA has not yet asked the Bank of Russia for a loan. At present, the loan of 110 billion rubles previously approved by the Bank of Russia, which the agency will use as needed starting in October 2015, is sufficient for the DIA," the agency said.
The CBR believes that the DIA should always have a liquidity reserve of 40 billion rubles. If the DIA falls below this figure, the DIA can ask the CBR for a loan.
