The Central Bank of Russia has published draft amendments to its macroprudential framework that would apply macroprudential add-ons to banks’ investments in bonds backed by payments on consumer loans, excluding mortgages, to prevent banks from using such instruments to sidestep existing add-ons on retail lending. The draft changes to Bank of Russia Ordinance No. 6960-U would address cases where banks issue bonds secured by retail loan cashflows and other banks purchase a significant share, even though these securities are currently exempt from add-ons. The package also proposes easing requirements in selected areas: loans for the purchase of newly built housing would move from higher add-ons to lower add-ons immediately after completion rather than one year later, and add-ons for single-family home construction loans would be set only based on borrowers’ debt service to income ratio. In addition, the minimum share of foreign currency revenues required for companies to be treated as exporters would be reduced from 40% to 30%, to support correct identification of exporters if add-ons are set in future for banks’ exposures to foreign currency loans and corporate bonds. Comments on the draft are open from 9 to 22 April 2026, and the updated ordinance is set to enter into force one month after official publication.
Central Bank of Russia 2026-04-09
Central Bank of Russia consults on macroprudential add-ons for consumer-loan backed bonds and revisions to housing and exporter rules
The Central Bank of Russia has published draft amendments to its macroprudential framework to apply macroprudential add-ons to banks’ investments in bonds backed by consumer loans, excluding mortgages, in order to prevent circumvention of existing retail lending add-ons. The draft also eases certain add-ons for housing-related loans and adjusts criteria for classifying companies as exporters by lowering the minimum foreign currency revenue share from 40% to 30%.