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THE CENTRAL BANK AND THE NATIONAL SETTLEMENT DEPOSITORY AGAINST EUROCLEAR BANKRUPTCY

The Central Bank and the National Settlement Depository (NSD) did not support the bankruptcy of the European depository Euroclear in court. According to Interfax, the Bank of Russia believes that Euroclear has no signs of insolvency according to the criterion of insufficient funds. According to the representative of the Central Bank,...

THE CENTRAL BANK FILED A BANKRUPTCY LAWSUIT AGAINST THE MOSCOW BANK GARANT-INVEST

The Central Bank has filed an application for the insolvency of Garant-Invest Bank with the Moscow City Arbitration Court. This decision ... ... the application to the court, the fate of the bank will depend on its consideration. If the Central Bank's claim is satisfied, bankruptcy proceedings will begin. This case was the sixth revocation of a license from banks in 2024. The situation with Garant-Invest ...

THE CENTRAL BANK PROPOSED TO CHANGE THE STRUCTURE OF THE MICROFINANCE MARKET

The central bank has proposed to change the structure of the microfinance market. The reform is proposed to be carried out in the ... ... third of them are reissued, and unpaid interest is transferred to the body of the new loan. Thus, Russians find themselves in a debt spiral. The Central Bank proposes to make a limit on the number of simultaneously valid contracts – 1 loan to maturity. Also,...

THE CENTRAL BANK: COMPANIES HAVE INCREASED DEMAND FOR LOANS

Last month, the demand for loans from legal entities increased, the banking sector portfolio grew by 1.8% in March, the Bank of Russia said. The central bank also clarified that loans were taken mainly by oil and gas, transport and construction organizations. One of the reasons for the increase in demand is the need to pay large taxes, such as income tax and additional income tax for 2023, VAT ...

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

The number of 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,...

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