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RUSNANO REPAID DEBTS TO BANKS

... on interest, amounted to 40% when making payments, Interfax writes. Recall that in the spring of 2024, Rusnano agreed with creditors (Sovcombank, Promsvyazbank and other credit organizations) on a 20% discount on early repayment of debt. The cost of debt servicing amounted to more than 12 billion rubles per year. At the same time, the Russian company has repeatedly stated the risks of signs of bankruptcy if it does not receive additional financing for settlements with banks. So, in 4 years (from 2016 to 2020), Rusnano has increased its loan portfolio to the amount of more than 100 billion rubles.

THE STATE DUMA ASKS TO FINALIZE AMENDMENTS TO ACCELERATE THE SALE OF ASSETS OF BANKRUPT BANKS

The State Duma Committee on Property Issues has prepared a positive opinion on amendments on the possibility of applying compensation in bankruptcy of financial organizations to repay claims of the first stage. However, the bill needs to be finalized, the ministry noted. In conclusion, it is said that the bill will speed up the completion of bank bankruptcy through financial recovery ...

THE STATE DUMA SUPPORTED THE PROJECT ON EXPANDING THE POWERS OF THE DIA TO CLEAN UP THE BALANCE SHEETS OF BANKRUPT BANKS

The State Duma Committee on the Financial Market has supported the bill (N538767-8), which allows the use of compensation for repayment of claims of the first stage in case of bankruptcy of banks. These include debts to the Deposit Insurance Agency (DIA). As explained in the committee, the initiative will contribute to improving the effectiveness of measures taken by the agency to achieve the goals of bankruptcy proceedings. Recall that the relevant draft law ...

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

... register has more than 4.3 thousand depositors, including about 300 legal entities. All of them will be able to receive payments within the insurance limit established by law. Garant-Invest, which was on the 168th position in terms of assets among Russian banks, has now gone into liquidation. After submitting 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 underscores the need for strict control over banks' compliance with regulations and legislation in order to avoid ...

ANOTHER FORMER TOP MANAGER OF THE SOVETSKY BANK WAS DECLARED BANKRUPT

The arbitration in St. Petersburg considered the issue of insolvency of Pavel Izyumov, a former top manager of Sovetsky Bank. The initiator of the litigation was the Deposit Insurance Agency (DIA), which was entrusted with the functions of bankruptcy management. As a result, the court allowed the bankruptcy to proceed to the stage of property sale. The ex-banker's debt is 919 million rubles. Another top manager of the bankrupt bank, Lyudmila Dyachuk, was declared bankrupt by the court on February 27, 2024. The arbitration introduced a procedure for the sale of its debt in the amount of more than 748 million rubles....

MORE THAN A QUARTER OF RUSSIANS' DEBTS ARE HOPELESS

More than 26% of the debts put up for sale by banks to collectors in 2023 were classified as "unpromising for collection." The share of such debts has been ... ... portfolios, the share of unpromising debts is estimated conditionally at 0%. Debts of deceased persons or clients who are in bankruptcy proceedings are called unpromising debts. They can also include small debts and without the necessary documents for ...

FINANCIAL OMBUDSMEN WILL BE INVOLVED IN HELPING DEBTORS

... still discussing how the financial ombudsman will participate in the pre-trial settlement of disputes over loan debts between banks and citizens. It may be an agreement with signs of mediation between the borrower and the lender, a technical protocol or another document. It is planned that a moratorium on debt collection, new loans and out-of-court bankruptcy may be introduced for the period of conciliation procedures. As a result, borrowers will receive a competent independent ...

BORROWERS WILL BE WARNED ABOUT THE CRITICAL GROWTH OF DEBTS

Starting in 2024, over-indebted Russians who want to take out another loan or loan will be informed about the high risks of debt burden. The relevant law came into force on January 1. The new law stipulates that banks and microfinance organizations (MFOs) are required to calculate the debt burden indicator (the ratio of monthly payments on all loans to the client's income) for each possible borrower. If the indicator is more than 50%, then the citizen should ...

THE CRIMINAL CASE OF THE BENEFICIARY OF RUSKOBANK WAS SENT TO COURT

The Prosecutor General's Office has sent an indictment in the case against the ex-beneficiary of the bankrupt Ruskobank Khachatur Muradov to the court for consideration. He is accused of embezzling about 600 million rubles. The investigation found that the assets of the credit structure were withdrawn through the issuance of loans to fictitious companies....

THE LITERACY TEST WAS PROPOSED TO BE MADE MANDATORY WHEN RECEIVING THE FIRST LOAN

... the actual amount of overpayments and the situation in the economy. In addition, it should contain data on the real risks of bankruptcy of a citizen. The deputy from the New People faction notes that the mandatory introduction of a financial literacy ... ... should help reduce the number of impulsively taken loans. Also, such an innovation will help reduce the risks of falling into a debt trap.

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