Absolut Bank has agreed to convert foreign exchange mortgages at a preferential rate

Moscow. January 28. Absolut Bank offered currency borrowers several options to solve debt with the Bank preferential dollar exchange rate, according to a press release from the Bank.

The first option offered to the borrowers is to convert debt at a preferential rate of 65 rubles per dollar. For having three and more minor children, the rate is 57 rubles per dollar. The loan in rubles will be converted at the rate of 12% per annum. At the same time take advantage of this offer the Bank can only those borrowers who can participate in the state program of the Agency for housing mortgage lending (AHML) for debtors in a difficult situation. This program provides government payment amount to 600 thousand rubles mortgage payments for borrowers that meet social parameters of AHML and have shelter, that also satisfy certain requirements. Offer the absolute Bank on the conversion of true to 1 may 2016.

Also Absolut Bank offers its borrowers the full repayment of the debt at a preferential exchange rate of 60 rubles per dollar. Full repayment of the debt by the Bank in such cases usually occurs when the sale of the apartment, the cost of which covers the amount of the debt. This offer is valid until 1 March 2016. In both cases, the Bank is prepared to consider cancellation of the penalty under the loan agreement.

On Wednesday the group’s foreign currency borrowers in the offices of several banks demanded from credit institutions, to solve the problem of unaffordable payments on the mortgage. Borrowers on foreign currency mortgages began to experience difficulties with debt repayment in connection with a significant weakening of the ruble in 2014-2015.

The proposal of the Central Bank

The Central Bank of the Russian Federation in January 2015 recommended banks to restructure foreign currency housing loans at the exchange rate on 1 October 2014 (for the dollar – 39,38 rubles/$1). However, since this recommendation is not binding, most banks do not have to reconsider the contracts with customers in accordance with the position of the Central Bank.

Comment Peskov

On Thursday President’s press Secretary Dmitry Peskov said that the final solution to the problem of the exchange of food yet. However, he urged not to forget that “it was a choice and calculation of those people who took upon themselves certain obligations on those conditions that now lead to a very difficult situation”.

Absolut Bank by the end of 2015 took 31st place in terms of assets in ranking “Interfax-100” prepared “Interfax-CEA”.