After raising the key rate to 20%, banks began to announce plans to raise rates on deposits and loans. The President and the Central Bank promise to ensure that rates do not change retroactively on loans already issued, primarily mortgages. Banks also assured that they do not plan to do this. But the conditions of new loans will become tougher, their cost for citizens will seriously increase. The measures taken by the regulator allow this and are aimed primarily at helping the banks themselves, and not their borrowers. The task is to continue to issue at least expensive loans.
At a meeting on economic issues, the president instructed to maintain interest rates on all loans that were issued before the increase in the key rate of the Central Bank to 20%. Press Secretary of the head of state Dmitry Peskov later clarified that the instruction concerned mortgage loans. Including or only – he did not specify. At the same time, the head of the Central Bank, Elvira Nabiullina, said that all Russian banks “will fulfill their obligations to customers.” The largest banks do not argue with this approach. “Sberbank is not introducing any changes to existing consumer and mortgage loans,” the bank assured. “This is a legal requirement that applies to all banks in our country,” VTB says.
However, many banks have already announced a planned increase in rates on newly issued loans. So, for example, did “St. Petersburg”, emphasizing in the message: “It follows that those who want to take a loan should hurry.” Moreover, the bank warned that the terms for consideration of applications may be extended due to the revision of current rates. Some even stopped issuing loans. Thus, Rossiya Bank announced that it would temporarily limit the issuance of funds to citizens in connection with the revision of the conditions: “Restrictions on issuance affect mortgage and consumer loans, car loans, credit cards, overdrafts. Receiving loans in the mobile and Internet banking ABR DIRECT is temporarily unavailable.”
The regulator is not going to limit the bankers and promises to help them. “We have already provided banks with flexibility by temporarily suspending the cap on the full cost of consumer credit,” said Ms. Nabiullina. full value, with a high debt burden, and in mortgages – LTV (an indicator of the total profit that the organization receives for the entire time of working with the client.— “b”). For the remaining loans, surcharges are planned to be eliminated in order to maintain the availability of lending.”
Yury Belikov, Managing Director of the Validation Department of the Expert RA rating agency, explains that these measures will help banks, but not borrowers.
For credit institutions, the burden on capital in terms of previously issued loans with increased risk ratios will decrease and, accordingly, the capital stock will be released “to absorb possible stresses”.
In turn, Anton Lopatin, senior director of the analytical group for financial institutions Fitch, notes that an indulgence, similar to that at the beginning of the pandemic, should reduce the burden on the regulatory capital of banks so that they do not stop lending.