The Central Bank of the Russian Federation will ask to be given the authority to impose quantitative restrictions on the issuance of mortgages by analogy with consumer loans. This was reported by RIA NewsWith reference to the draft main guidelines for the development of the financial market of the Russian Federation for the period 2024 and 2025 and 2026.
Starting from this year, the Central Bank has been given the right to impose quantitative restrictions on loan issuance, but only for consumer loans and microloans. At the same time, the regulator does not have similar powers in the mortgage market. Representatives of the Central Bank had previously stated that they could restart the dialogue with other institutions to obtain this right.
“In order to limit systemic risks in mortgage lending, the Bank of Russia will prepare a proposal to obtain the authority to establish quantitative restrictions (macroprudential limits, MPL) on mortgages (similar to MPL on unsecured consumer loans),” the draft says.
As stated in the document, such a tool would limit the issuance of mortgages to overleveraged borrowers, as well as loans with small down payments. Bank losses from such loans are especially higher in times of crisis.
“As long as the authority to impose quantitative restrictions on the provision of risky housing loans is anticipated, macroprudential appropriations can be used for these purposes,” the Central Bank said.
Before that, the head of the Central Bank of the Russian Federation, Elvira Nabiullina aforementionedHe sees a risk of overheating in the Russian mortgage market.
Previously reportedThat a real estate crisis may begin in Russia.