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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 ...

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

... 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... ... 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... ... added Dokukin. ‘So, it turns out that the only way to get rid of existing debts is bankruptcy’, emphasized the speaker. Let us remind our readers that according to the...

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