The system was filled with budget

Seasonal influx of budget funds in the banking system at the end of 2012 a surprise bank analysts. Rather than pay off a huge debt to the Central Bank's repo transactions, banks that have received almost 1.3 trillion rubles. Decided to put them in reserve.

In the last days of 2012, starting on 26 December, on an average day the banks received at 200-400 billion rubles., But only for the period of December 26-29, the budget received 1.28 trillion rubles., According to a review of Raiffeisenbank. Surprise to analysts is that such a large influx of liquidity by banks was not spent on debt repurchase transactions with the Bank of Russia, and fully settled on correspondent accounts and deposits with the Central Bank. As of Wednesday morning the amount of funds in correspondent accounts almost doubled to a record 1.97 trillion rubles. (1.56 trillion. Correspondent accounts, 403 billion rubles. - Deposits). "For this reason, short term money market rates before the end of the year and did not drop much below 6.5%," - commented makroanalitik Raiffeisenbank Mary Pomelnikova.

Banks prefer to stock up means, because even though the inflow of liquidity at the end of the year - a seasonal phenomenon, the bank needed to predict the level is not easy, says Senior Vice President of VTB 24 Dmitry Orlov. At year end, large customers can cause surprises, says a treasury of one of the largest banks. "So, one of the state-owned companies spent nearly 100 billion rubles. Late in the year, for such cases the necessary liquidity" - gives the example source "b."

However, in the coming weeks, banks will have to start spending money set aside for correspondent accounts in the Central Bank, to repay the debt to him though. Yesterday the Central Bank conducted a week and one-day repo auction. The total limit of auctions was 1.3 trillion rubles., While banks had to pay 1.8 trillion rubles. On the seven-day repo auction volume of transactions reached 1.2 trillion rubles. Auction rate stood at 5.53% per annum. In the morning one day auction banks took 75.7 billion rubles., Demand in this case was 103.1 billion rubles. Volume evening auction - 0.153 billion rubles. Demand with 16.9 billion rubles. The weighted average rate of morning auction stood at 5.86% per annum, the evening - 6,42%. "We believe that due to the large reserve balances on correspondent accounts in the coming days outstanding repo Central Bank will continue to decline and may drop to 1 trillion rubles., Short term money market rates will remain low enough after today they were reduced to 5.5 , 5% from 6.0-6.5% at the end of 2012, "- says Ms. Pomelnikova. Source "b" in the Bank of Russia confirmed that the Central Bank also expects a temporary reduction of money market rates, because in the coming days, the banks will use the excess on correspondent accounts for repayment.

Closer to the last week of January (tax period begins January 15), when they pass large tax payments, and banks will repay Treasury Minister about 250 billion rubles. deposits, demand for refinancing from the Bank will resume, and the rates in the interbank market could grow by 0.5-1.0 pp, says Ms. Pomelnikova. According to Mr. Orlov, is that a large amount of return on deposits Treasury coincides with the period of tax payments, can also be considered the reason that banks have preferred not to spend budget money to pay off the debt to the Central Bank.

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