The Lombard List of the Central Bank of the Russian Federation

The Lombard List of the Central Bank of the Russian Federation is a list containing assets accepted against the security of the Bank of Russia as collateral for lending to commercial banks.

The expansion and reduction of the Lombard List is one of the instruments of monetary policy. With a structural liquidity surplus, the Bank of Russia reduces the classes of securities it accepts as collateral on the Lombard List, including by strengthening the requirements for their quality.

When a structural liquidity shortage arises and grows, accompanied by a shortage of collateral, the Bank of Russia softens the requirements for its quality by increasing the number of classes of securities it accepts as collateral in the Lombard List. This makes it possible to carry out secured refinancing of the banking sector in the volumes required to meet the objectives of monetary policy.

More information about the assets included in the Lombard List of the Central Bank of the Russian Federation can be found in the section "Lombard Lists" on the Cbonds website