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Central Bank's powers to support the interbank market and limit interest rates for deposits extended to 31 December 2010
Practical Law UK Legal Update 9-501-0565 (Approx. 2 pages)
Central Bank's powers to support the interbank market and limit interest rates for deposits extended to 31 December 2010
by White & Case LLP
| Published on 15 Dec 2009 • Russian Federation |
This article is part of the PLC Global Finance November e-mail update for the Russian Federation.
Speedread
On 25 November 2009, The President signed two amending laws to extend until 31 December 2010 the Central Bank's powers to support the interbank market and to limit interest rates on deposits.
Support of the interbank market
On 25 November 2009 the President signed Federal Law No. 279-FZ amending Federal Law No. 173-FZ, dated 13 October 2008. The Law entered into force on 27 November 2009.
The amendments extend the term of the Central Bank's authority to enter into agreements with credit organisations for partial compensation of their losses suffered in the interbank market by one more year – that is, until 31 December 2010.
Interest rates for deposits
On 25 November 2009 the President signed Federal Law No. 280-FZ amending Federal Law No. 174-FZ, dated 13 October 2008. The Law entered into force on 27 November 2009.
The amendments extend the term of the Central Bank's authority to impose a limit (for up to one year) on the amount of interest payable by a bank on individual deposits by one more year – that is, until 31 December 2010.