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Sep 20, 2017 03:17
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Latest news
Sep 09, 2017
Russian Railways’ President Oleg Belozerov holds conference call on the Company's August performance
Sep 07, 2017
Freight transport between Russia and China up 16% in 1H 2017
Sep 06, 2017
Prospects for cooperation on railway transport between Russia and India discussed in Vladivostok
Sep 06, 2017
Russian Railways signs trilateral agreement on cooperation in the health sector with Japan’s Ministry of Health, Labour and Welfare and Russia’s Agency of the Far East for Attracting Investment and Supporting Exports
Sep 06, 2017
RZD Holding expands cooperation on transport construction with ASEAN countries
Sep 04, 2017
Russian Railways plans to expand its involvement in infrastructure projects in the BRICS
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Risk Management
Liquidity risk

Liquidity risk

Liquidity Planning

Russian Railways manages its long, medium and short-term cash flows according to its budget, its monthly balance of payments and the daily payment calendar. Based on its current position and the requirements of its existing contracts and agreements, the Company draws up the payment calendar for the next month, broken down day-by-day. In order to monitor the Company’s solvency, a daily payment position is established which, together with the approved balance of payments, is used to meet the financing needs of subsidiaries and affiliates.

To fund ongoing needs for working capital, Russian Railways has open credit lines with leading Russian banks. Counterparty banks provide a wide range of products, from overnight loans to long-term loans.

Placing Remaining and Attracting Short-Term Loans

Short-term financing is used when required and is borrowed under the existing credit lines. Idle cash is placed on deposit within the internally defined credit limits for each financial institution. Such limits are calculated based on the relevant methodology and approved for each counterparty by the Risk Management Comittee. Russian Railways is improving the structure of its debt portfolio and reducing the portion of short-term borrowings, as well as the average cost of borrowed funds.

The Company has concluded general agreements with banks, which act as framework agreements. All subsequent transactions are executed via separate confirmations containing information about the transaction amount, date of execution and other important details. This standardized practice of establishing relations between the parties is convenient and simplifies the process of transactions approval.

Administering the transactions has been simplified as far as possible through the use of Reuters Dealing to conclude them.

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