Financial stability department

Contact details

Phone: 71 212-73-93

Tasks and Functions

Tasks of the Department:

• Identification of systemic risks;

• Assessment of the financial system's resilience to systemic risks;

• Development and implementation of macroprudential policy directions and instruments.

Functions of the Department:

• Develops early warning indicators reflecting cyclical and structural systemic risks, as well as climate change-related risks; calculates and analyzes the risk map, financial conditions indices, and stress indices;

• Develops econometric models for identifying systemic risks;

• Monitors macro-financial conditions and trends, as well as risks and expectations outlined in the financial stability reviews of central banks of other countries;

• Analyzes the banking and non-banking financial sectors, and conducts surveys to identify systemic risks;

• Analyzes the household sector, as well as the state of household debt burden, and conducts surveys among the population on debt obligations;

• Analyzes the corporate sector;

• Analyzes the real estate market sector and develops models for determining the fundamental value of housing;

• Analyzes the capital market and studies the situation in international financial markets;

• Prepares and publishes the "Financial Stability Review";

• Develops macroeconomic scenarios for conducting top-down stress testing;

• Develops auxiliary econometric models (satellite models) linking the impact of macroeconomic shocks to the financial system;

• Develops econometric models for assessing financial stability indicators;

• Conducts solvency, liquidity, and climate stress tests to assess resilience to systemic risks;

• Assesses contagion risks within the financial system;

• Develops econometric models for setting the level of macroprudential buffers through quantitative approaches;

• Develops macroprudential policy directions and assesses their consistency with other macroeconomic policy directions;

• Develops, applies, and improves macroprudential instruments, including the systemic risk buffer;

• Develops frameworks for setting the level of macroprudential capital buffers;

• Performs calculations to determine the level of the countercyclical capital buffer through quantitative approaches and prepares proposals;

• Performs calculations to identify systemically important banks and prepares proposals for their designation;

• Assesses the effectiveness of macroprudential instruments;

• Performs the functions of the Secretariat of the Financial Stability Board (Council);

• Conducts research aimed at improving the macroprudential policy framework.