Published on: 2026-04-09
Source: Central Bank of Russia – Central Bank of Russia –
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The regulator plans to establish macroprudential add-ons for banks’ investments in bonds secured by consumer loan payments (excluding mortgages). This is provided fordraft of amendmentsIn the Instruction of the Bank of Russia dated December 16, 2024, No. 6960-U.
Recently, banks have become more active in issuing bonds secured by payments on retail loans. In some cases, a significant portion of these securities is purchased by other banks. Since macroprudential add-ons are not applied to such bonds, this essentially means that banks exchange portfolios of loans, thereby reducing the capital burden created by the add-ons on loans. To halt the spread of such practices, clarifications are being introduced regarding the application of add-ons.
It is also planned to introduce a series of amendments to ease the requirements for banks. In particular, it is proposed that loans for the purchase of new buildings be reclassified immediately after the completion of construction (and not after a year) with increased macroprudential add-ons lowered to levels applied for finished housing. For loans for individual housing construction, it is proposed to set the values of add-ons only depending on the borrower’s debt burden indicator.
In addition, it is planned to reduce the minimum share of foreign currency earnings from 40% to 30% for a company to be considered an exporter. This is related to the fact that in foreign trade, settlements in rubles continue to predominate. Lowering the threshold will allow exporters to be determined more accurately if in the future banks establish surcharges on foreign currency loans and company bonds.
Comments and proposals on the draft amendments are accepted from April 9 to April 22, 2026. It is expected that the updated directive will come into force one month after the official publication.
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