OREANDA-NEWS. December 16, 2008. Russian banks borrowed at CBR auctions 6-month collateral-free loans for a total of RUB 292.79 bn from the offered RUB 325 bn, the Central Bank of Russia said in a press release. The cutoff rate was set at 12.75%, i.e. in line with the established minimal threshold. The media wired earlier that on December 15 and 16 CBR is to offer banks up to RUB 400 bn at auctions to provide collateral-free loans. A total of RUB 325 bn was offered at the December 15 auction (6-month loans) and RUB 75 bn is to be offered in 5-week loans on December 16. The funds proposed at both auctions are to be allocated on December 17, with 6-month loans repayable on June 17, 2009 and 5-week credits are to be paid back on January 21, 2009. The minimal interest rate at the auction for 5-week loans is 12.25%.