NBU has opened the credit window
He uses a classical instrument of regulation of bank liquidity - the credit window. This means that the regulator can freely buy and sell Government Bonds.
August 28 National Bank has sent copies of the letter, which announced its intention to daily quote state bonds from its portfolio on the secondary market. Regulator ensures mandatory redemption of securities at any time. NBU plans in September to sell state bonds to stand with the establishment of a mandatory redemption price of each day from the time of referral to the National Bank. The bank, which plans to carry out the operation can take part in the auction, conducted by the organizers of trading in securities, - said in a letter that signed the first vice-president NBU Anatoly Shapovalov.
In a crisis period in the late 1990's. NBU has used a similar method of purchase and sale of Government Bonds and this had a positive effect. The National Bank will have a real opportunity to influence the value of money in the banking market, - the president believes KF Rinaco-progress Dmitry Poddubniy. In his view, the potential users of the new services can be large and medium-sized banks, especially foreign-invested and state, including the newly recapitalized.
The interest in this product may come from the big banks, foreign customers who have discovered the limits for operation in the Ukraine or the need to diversify their investments. At the same time maintaining the expectations of devaluation had a negative impact on demand from foreign investors, since the weakening hryvnia reduces the potential profitability, - said a representative of one of the largest banks, prefers to remain anonymous.
demand for the service will depend on specific conditions. We still do not know what papers are in the portfolio of the National Bank. If he would propose a short paper at prices close to the secondary market quotations, the tool will be uniquely interesting, - noted expert on dealing with debt instruments of a bank with foreign capital. If the Finance Ministry on primary auctions suggests 19% per annum onthree-month Government Bonds, no one will buy them from the National Bank at 15%. For short-term Government Bonds from the portfolio of National Bank of Ukraine will buy only if the yield on them will be not less than the deposit certificates - the expert said. He believes that part of the liquidity of the banks have already gone, but money was still there. August 28 balances on correspondent accounts amounted to 15,7 billion UAH. against 24,6 billion UAH. the beginning of the month. On the reduction influence the payment of taxes at the end of the month and the formation of 40% of required reserves (about 4,5 billion UAH.) Separate accounts with the NBU. However, in September to Maturity Government Bonds and certificates of deposit.
source in NBU sure that the banks are almost no alternative transactions to the regulator. They are not at risk to lend to the economy and prefer to invest in safe instruments. Works notorious crowding-out effect of money. Exhibiting 28% per annum on Government Bonds, Treasury makes it unnecessary lending - the source said.
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