A correspondent account which is opened for a respondent bank, and on which the correspondent bank provides crediting and transferring of funds in accordance with the law and the correspondent bank agreement. The vostro account in the respondent bank is considered as a nostro account.
A vostro account is required to account funds which are owned by foreign banks and registered on accounts of the Russian lending institutions, as well as to account funds received from foreign financial institutions and borrowed for refinancing of foreign loans early repaid. Vostro accounts of non-resident banks can be opened in both, the Russian roubles, and the foreign currency.
When entering into a correspondent agreement, the participating banks shall agree the currency of settlements, the possibility and terms of overdraft (a short-term loan which is provided by debiting the funds in excess to the balance thereon), and the maintenance terms of vostro (nostro)-account.
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