“We believe that banks should restructure foreign currency loans to the food, especially if we are talking about families with low incomes and housing economy class” — said Nabiullina at a meeting with bankers in boarding house Bor. She also noted that the hopes that finally earns the program to support borrowers who find themselves in a difficult situation, for which the government allocated to the seller 4.5 billion rubles.
The head of the regulator also said that the Central Bank collects and analyzes information about how banks solve the problem of foreign currency borrowers. We need to understand what is happening in this market and, consequently, whether the imposition of targeted measures to support borrowers in the government programme, added Nabiullina. According to the Bank of Russia, now the share of mortgage loans in foreign currency is about 3% of the total volume of issued mortgages. While the Central Bank noted in this segment with a high level of delay.
According to the Central Bank for the year 2015, 1 December 2015, the total volume of mortgage loans in foreign currency amounted to 122.2 billion rubles in ruble terms (about 3% of all mortgages). However, only for 11 months last year (Jan—Nov) were issued to 122 new housing loan in foreign currency amounting to 4.5 billion rubles.
About the need to find a compromise solution to the exchange of food Wednesday, February 10, said the President’s press Secretary Dmitry Peskov. “We know that some financial organizations, banks simply speaking, offer various ways of getting out of this crisis. Some of the proposed options suit borrowers, some not”, — quotes his words RIA Novosti.
As previously reported , in January-early February, the Central Bank has dispatched to banks the letter with the requirement to provide information on the status of the loan portfolio and the restructuring programs, which bankers are ready to offer foreign currency borrowers. The Chairman of the Central Bank Alexey Simanovsky also said that the Bank of Russia plans to discuss with banks the problem of repayment of foreign currency mortgages. “We will discuss the search for solutions that would lead to the best result. If you look at how banks solve problems with borrowers, they solve in different ways”, — quotes its words “Interfax”. According to Simanovsky, some opportunities for extra step borrowers exist, while the Central Bank and can not make banks any requirements.
Some market participants prepared their programs of restructuring foreign currency loans. In particular, on Thursday 11 February, the Bank”Delta credit” announced new conditions for the refinancing of foreign currency loans. The food offered to convert foreign currency debt in a rouble rate on the new loan will be 8.5-10% depending on the presence of children.
In early February the Bank offered to convert foreign currency mortgage loans at a special rate, allowing to reduce the size of the debt in ruble equivalent by 20-30%. On these terms the Bank is willing to refinance loans to no more than 1,2–1,8 million rubles depending on the category of the borrower.
The Bank of Moscow offers to forgive the debt balance (up to 7 million rubles) in exchange for an apartment and after the property of the Bank, the borrower will be able to enter into a lease agreement with right of repurchase. The estimated size of preferential rents is 1 thousand rubles per month and the maximum rental period is up to three years. If desired, the borrower can redeem the property through the year, taking a new loan on favorable terms at a rate of 10-11% per annum with a minimum package of documents and approval under the simplified scheme.
Earlier proposals on restructuring of foreign currency mortgage announced Absolut Bank, Sovcombank, and Gazprombank. Latest offers to convert the mortgage at a preferential rate of 50 rubles per dollar.
However, the foreign currency borrowers are not satisfied with the offers of banks, any measures taken by the regulator to solve. “It’s my duty given the delay now is about $240 thousand With regard to programs of AHML and converting at the current exchange rate and on the conditions of the Bank I have for 30 years every month to pay more than 150 thousand rubles a month”, — says the borrower of Bank “Delta the Credit” Oleg Yaroshchuk. According to her, in an apartment worth $ 7.5 million she would have to give more than 56 million roubles. “This is a travesty. We’ll sue, to sell the apartment at auction, and then go bankrupt. If we incur losses, this way everybody,” says the borrower.
Currency food require transfer credits to the ruble exchange rate, the Central Bank recommended to banks. In January 2015, the Central Bank sent recommendations to credit institutions on conversion of foreign currency loans into roubles at the exchange rate at October 1, 2014 — 39,39 rubles per dollar and 49,98 rubles per Euro. In January-February, owners of foreign currency mortgages held a number of unauthorized at the offices of Absolut Bank Raiffeisenbank Bank “DeltaCredit”, VTB 24, Bank, “UniCredit”, moskommertsbanka, Bank of Moscow, URALSIB. A few days ago, on 8 February, foreign exchange food blocked Neglinnaya street in Moscow, near the building of the Central Bank. Protesters chanted “Shame on the Central Bank”. Some of the participants of the action were detained. On Friday 12 February, the borrowers are preparing to hold another protest at the office of “Delta credit” by requiring changes in the terms of the restructured loans.