Photo: Eugene biyatov / RIA Novosti
The Bank of Russia is closely monitoring the situation in the mortgage market and has introduced a number of restrictive measures. About it reports “Interfax” with reference to the speech of the head of the Central Bank Elvira Nabiullina.
“We have taken action in terms of a cooling of consumer unsecured lending and, in terms of regulation of mortgage lending (…), we will closely monitor the situation and, of course, if it is necessary (…) shall take appropriate measures,” — said Nabiullina at a meeting with representatives of the banking sector.
CB head stressed that the regulator has adopted a number of measures to support mortgage borrowers who do not estimate their abilities and find themselves in a difficult situation. In particular, restrictions were imposed on housing loans with low down payment, Nabiullina said, adding that the Bank of Russia took the initiative of introducing mortgage holidays to borrowers who have lost income.
At the end of 2018, the Central Bank published the results of a study which compares data on the two Russian credit booms — 2005-2007-x and 2011-2013. As one of the conclusions of analysts of the Central Bank indicate that banks may be underestimating credit risks. “This occurs in part because of the dependence of the decision on the issuance of loans from the position of other banks”, — the authors of the document, highlighting that the mortgage market may require the intervention of the regulator.
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