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THE CENTRAL BANK INTENDS TO TIGHTEN ITS APPROACH TO CREDIT RISKS

The Bank of Russia is going to join the fight against unfair credit risk management, when financial institutions transfer debt from problem borrowers to third parties to conceal real risks. The Central Bank has published on its website a draft amendment to Regulation No. 590-P, which defines the procedure for the formation of reserves for theoretical loan losses. The draft amendments suggest that loan servicing cannot be considered appropriate ...

CENTRAL BANK MAY FORGIVE DEBTS OF PEOPLE AFFECTED BY A FLOOD IN THE SOUTH OF RUSSIA

... borrowings, including mortgages. Debts will be completely forgiven in exceptional cases. What is more, the official letter of the Central Bank says that the financial institutions will not collect the pledged property. These measures will not affect the credit histories of borrowers. Therefore, there should be no difficulties for clients with new loans in the future. The Central Bank confirmed the information and said that this was not the first time that such a practice is used in natural disasters. Debts have already been written off and forgiven in other regions in connection with emergencies. For example, a year and ...

THE NUMBER OF RUSSIANS WITH LOANS HAS REACHED 50 MILLION

... citizens with loans has reached 50 million, the Bank of Russia cited statistics as of January 1, 2024. This is more than 40% of Russian citizens over the age of 16. The total amount of debts of Russians in 2023 increased by 6.4 trillion rubles. As the Central Bank notes, the number of citizens using credit products continues to grow. At the beginning of this year, their number reached 50 million people. Of these, 42 million people owe only to banks, 3.9 million – to banks and microfinance organizations, 4 million – only to microfinance organizations....

Debt load of Russians has reached a historical maximum

... total income) and 1.9% on mortgages. ‘In the second half of 2020, the debt burden continued to grow. Despite the fact that the Central Bank considers the situation as a whole stable and there are no depressing forecasts yet, the regulator supported the ... ... talking about the refusal of a loan to clients with a high debt burden (80%, for example)’ - the CEO of ‘Center for Assistance to Credit Debtors’ LLC Alexander Dokukin commented on the situation. The bill has already passed the first reading and, according ...

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