OREANDA-NEWS. April 29, 2009. The board of directors of the Bank of Russia is to address in May the issue of providing 12-month collateral-free loans and 12-month repo, a source close to the regulator said. “In May, the board of directors plans to address the issue, rates on 12-month collateral-free loans are to be set and auctions are to be launched”, the source said. According to the source, before long CBR will begin to execute12-month repo transactions after the board approves the minimum rates for these operations.