Basel III: Subordinated Debt Regulation Amended

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On 25 October 2013 the Bank of Russia (the “CBR”) issued Instruction No. 3096 U introducing amendments to the CBR Regulation No. 395-P “On the Method of Calculation of the Amount and Assessment of Adequacy of the Net Worth (Capital) of Credit Organizations (Basel III)” dated 28 December 2012.

The amendments to CBR Regulation No. 395-P relate to subordinated loans included in a Russian bank’s Tier 1 and Tier 2 capital. The amendments aim to cure certain unclarities and deficiencies identified in the course of implementation of the previous version of Regulation No. 395-P since it was introduced and came into force in March – April 2013.

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