In this report, the authors aim to present possible alternative approaches to determining the credit cycle phase. Section 1 describes the experience of countries that have introduced a positive CB value in recent years. Section 2 addresses the list of indicators that the Bank of Russia is guided by when making a decision on the value of the national CB. Section 3 provides an overview of models other than the BCBS’s approach which are used by foreign regulators to determine the credit cycle phase and examines the approaches to determining the credit cycle phase developed by the Bank of Russia.