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Digital Report - immediate delivery to your email.

Date of Publishing: 2025.
No. of Pages: 24

The digital ruble, going beyond a simple payment instrument, opens up opportunities for transforming key processes in the economy. Its use can increase the speed, transparency and security of financial transactions. The potential of the digital ruble can be considered in the context of several key aspects: innovations in financial technologies, increased efficiency of financial management at the state level, financial accessibility, and as a new generation payment instrument for cross-border settlements.

TABLE OF CONTENTS
Introduction
1. The digital ruble as the next stage in the evolution of money.
1.1. Goals and objectives of introducing the digital ruble.
1.2. Potential of the digital ruble.
1.3. The Bank of Russia digital ruble model.
1.4. Legal regulation.
1.5. The impact of the digital ruble on monetary policy and financial stability.
2. Pilot project of the digital ruble.
2.1. Project milestones.
2.2. Pilot objectives and tasks.
2.3. Current status of the pilot. Achieved results.
2.4. Issues identified during the piloting process.
2.5. Development of the digital ruble platform functionality.
3.   Technological platform and infrastructure.
3.1. Digital ruble platform architecture.
3.2. Security and data protection mechanisms.
4.    Prospects and next steps.

 

Цифровой рубль, выходя за рамки простого платежного инструмента, открывает возможности для трансформации ключевых процессов в экономике. Его использование способно повысить скорость, прозрачность и безопасность финансовых операций. Потенциал цифрового рубля можно рассматривать в разрезе нескольких ключевых аспектов: инноваций в финансовых технологиях, повышения эффективности управления финансами на государственном уровне, финансовой доступности, а также в качестве платежного инструмента нового поколения для трансграничных расчетов.

ОГЛАВЛЕНИЕ
Введение
1.     Цифровой рубль как следующий этап эволюции денег.
1.1. Цели и задачи внедрения цифрового рубля.
1.2. Потенциал цифрового рубля.
1.3. Модель цифрового рубля Банка России.
1.4. Правовое регулирование.
1.5. Влияние цифрового рубля на денежно-кредитную политику
и финансовую стабильность.
2.     Пилотный проект цифрового рубля.
2.1. Вехи проекта.
2.2. Цели и задачи пилота.
2.3. Текущий статус пилота. Достигнутые результаты.
2.4. Вопросы, выявленные в процессе пилотирования.
2.5. Развитие функциональных возможностей платформы цифрового рубля.
3.     Технологическая платформа и инфраструктура.
3.1. Архитектура платформы цифрового рубля.
3.2. Механизмы безопасности и защиты данных.
4.     Перспективы и дальнейшие шаги.

Digital Report - immediate delivery to your email.

Date of Publishing: 2023.
No. of Pages: 26.

The banking system was subjected to significant forces in 2022, including inflation, rising interest rates, equity and bond market declines, plunging cryptocurrency prices, consequences (political, trade, economic) of the Russia-Ukraine conflict, lingering effects of the COVID pandemic, and—to at least some extent—the reemergence of consumers from pandemic isolation.

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Contents:

1. ‘Still work to do’ to meet core and emerging supervisory expectations.

2. Responding to forces of innovation.

3. Fortifying governance and controls as part of core safety and soundness.

3.1. Data governance and reporting.

3.2. Cyber and information technology (IT) risk.

3.3. Bank Secrecy Act (BSA)/anti-money laundering (AML) and sanctions.

3.4. Consumer protection and financial inclusion.

4. Expanding the scope of financial risk management.

4.1. Capital.

4.2. Liquidity.

4.3. Climate-related financial risk.

5. Looking forward to an active 2023.

6. Endnotes.

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Digital Report - immediate delivery to your email.

Date of Publishing: February, 2022.
No. of Pages: 40.

This paper is the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined as a digital liability of a central bank that is widely available to the general public. In this respect, it is analogous to a digital form of paper money.  

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Contents

1. Key Topics.

2. Public Outreach.

3. Introduction.

4. The Existing Forms of Money.

5. The Payment System. 

6. Recent Improvements to the Payment System.

7. Remaining Challenges for the Payment System.

8. Digital Assets.

9. Central Bank Digital Currency. 

10. Uses and Functions of a CBDC.

11. Potential Benefits of a CBDC. 

12. Potential Risks and Policy Considerations for a CBDC. 

13. Seeking Comment and Next Steps. 

14. CBDC Benefits, Risks, and Policy Considerations.

15. CBDC Design. 

16. Appendix A: Federal Reserve Research on Digital Currencies. 

17. Technological Experimentation.

18. Economic and Policy Research. 

19. Stakeholder Engagement and Outreach. 

20. International Collaboration. 

21. Central Bank Money.

22. Commercial Bank Money. 

23. Nonbank Money.

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Digital Report - immediate delivery to your email.

Date of Publishing: 2021.
No. of Pages:  4.

The green loan market aims to facilitate and support environmentally sustainable economic activity. The Green Loan Principles (GLP) have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the global syndicated loan markets, with a view to promoting the development and integrity of the green loan product.

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Contents:

 1. Introduction.
 2. Green Loan Definition.
 3. Green Loan Principles – Core Components. 
 3.1. Use of Proceeds.
 3.2. Process for Project Evaluation and Selection.
 3.3. Management of Proceeds.
 3.4. Reporting.

 4. Review.

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Digital Report - immediate delivery to your email.

Date of Publishing: 2025.
No. of Pages: 11.

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Table of Contents:
1. Introduction.   

2. Fundamentals.
A. Is there a definition of green loans? 
B. What are the advantages of entering a green loan?
C. Who can borrow a green loan?
D. What is the difference between green/social loans and sustainability-linked loans?
E. What is the difference between green loans and blue loans? 
F. Can a loan follow a combination of the GLP, the SLP and/or the SLLP?
G. How do the GLP incorporate ESG considerations? 
H. How do the GLP fit with their bond counterparts? 
I. Can a green loan be entered into by a borrower at the start of their transition journey i.e., borrowers not yet able to claim alignment with the Paris Agreement, but taking ambitious steps in that direction?
J. Can ‘pure play’ companies enter into green loans? Are all loans entered into by pure play companies automatically green loans?                                           

3. Green Loan Principles.
A. Green loan definition.
I. Can a revolving credit facility (RCF) be a green loan?
II. Can a revolving loan be recognized as green if the borrower does not have a designated eligible Green Project at the time of entering into the loan?
III. Refinancing of Projects.
a) How can borrowers be transparent about the age of refinanced assets?
b) Can eligible assets be refinanced with the proceeds of a green loan before the original borrowing has matured?
c) Can long-dated green assets be (re)financed by (multiple) consecutive green loans?
d) Can existing assets that are pledged as collateral against another borrowing be refinanced through a green loan?
B. Core components.
I. Use of proceeds.
a) If a tranche of a loan is green, is the whole loan deemed green?
b) Is disclosure of use of proceeds mandatory? 
c) Are intangible assets or expenditures (such as training, monitoring, research & development and finance cost) also eligible for green loan financing?

d) When a loan finances projects that have both social and environmental benefits, such as sustainable social housing, sustainable public transport and access to clean water, can the borrower freely choose the designation of the loan as either a green or social loan?

e) Can a borrower enter into ‘theme’ loans focusing only on one category out of a more general green, social and SLL framework?

f) Do all green loans have to be climate-related?

g) Is there an eligible Green Project category in the GLP, which would consider carbon offsetting?

II. Process for project evaluation and selection.

a) What standards might be referred to in determining whether a loan is green?

b) The GLP states that a borrower shall clearly communicate “the processes by which the borrower identifies and manages perceived, actual or potential environmental and social risks associated with the relevant project(s)”. What is expected of borrowers in this regard c) Can a green loan be made to a borrower that has low ESG ratings, exposure to controversial sustainability issues or sectors/technologies (such as fossil fuels or nuclear energy)?

III. Management of Proceeds.

a) How should you deal with surplus money arising when green loan proceeds exceed green projects?

IV. Reporting.

a) How are metrics chosen to report on the environmental impact or efficiency of projects? b) How often and for how long should a borrower be expected to report on green loans

c) Is there a standard methodology for reporting on the impact of the loan proceeds?

d) How should a borrower report impact for projects where the borrower has provided only partial financing?

e) Should a borrower report on actual and/or estimated impact?

C. Review.

I. What is an external review and why is it required?

II. Does a new external review need to be issued on a refinancing?                   

III. Do self-certified loans need to be externally reviewed before they are compared/ranked against other loans (e.g. league tables)?

D. Documentation.

I. What green clauses should be included in loan documents?________________________________________________________________________________________________