The Central Bank of Russia (CBR) published Regulation 395P in December 2012, which set out its implementation of Basel Ⅲ capital requirements, including the definition of capital, the minimum ratios allowed, and the legal framework for equitising subordinated debt, as an alternative to permanent write-down provisions. The regulation came into force in March 2013, and banks had until October 2013 to comply with the new capital requirements. However, in July 2013, the CBR amended the proposals, delaying full implementation to January 2014 and reducing the capital requirements. The initial capital adequacy ratios proposed were 5.6% for core Tier 1 and 7.5% for total Tier 1. The new minimum ratio for core Tier 1 is set at 5% and for total Tier 1 the minimum ratio will start at 5.5%, rising to 6% in 2015, much closer to the international Basel requirements. The total capital ratio (including Tier 2 capital) will remain at 10%, compared with the Basel requirement of 8%.
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