MPs want to allow Central Bank to limit mortgage issuance 20:55

MPs want to allow Central Bank to limit mortgage issuance 20:55

A group of deputies and senators, led by Chairman of the State Duma Financial Market Committee Anatoly Aksakov, will soon submit to parliament a bill that would give the Bank of Russia the right to impose macroprudential limits on mortgage loans. This has been reported “Interfax” In Aksakov’s press service.

The purpose of the bill is to give the Bank of Russia the opportunity to limit the provision of risky mortgage loans to prevent the growth of debt among citizens and the accumulation of risk by banks and microfinance organizations.

The bill provides that the regulator will have the right to limit the share of loans granted that are secured by real estate collateral. At the same time, the restrictions will affect both banks and microfinance institutions.

According to Aksakov, the use of macroprudential limits has previously shown its effectiveness in the consumer loans market.

“Recently, the share of mortgages given to borrowers with high debt burdens has been increasing. The MP emphasized that the regulator should be given appropriate powers to protect the interests of citizens and ensure the stable development of the financial market.

The publication also noted that macroprudential limits will not apply to auto loans and mortgage loans secured by marine and riverine vessels.

Before that Russians It has been recommended Don’t put all your money into paying off your mortgage early.

Previously on VTB in the name Preferential mortgages are unprofitable for banks.

What are you thinking?

Source: Gazeta


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