Bank of Russia’s decisions on macroprudential policy

The current parameters of macroprudential tools have been kept unchanged, except the macroprudential limits (MPLs) on car loans and auto equity loans.

1. The Bank of Russia has set the MPLs on new car loans with maturities of over seven years and new auto equity loans with maturities of over five years, to be applicable in 2027 Q1. The macroprudential add-ons have not been revised.

Since early 2023, banks have considerably increased the issue of car loans with maturities of over seven years. The share of these facilities in total new car loans was up from 8% in 2022 Q2 to 26% in 2026 Q2.¹ By nominally extending loan maturities, banks can artificially reduce the amounts of regular loan payments and understate borrowers’ debt service-to-income ratios (DSTI). This makes it possible for banks to circumvent restrictions on new loans to over-indebted borrowers. Furthermore, longer loan maturities entail increased credit risks, namely a higher likelihood of changes in a borrower’s financial standing during the loan term and of a reduction in the liquidity and value of the collateral.

In addition, a significant proportion of auto equity loans is issued for longer terms. In 2026 Q3, nearly half of these loans were granted for over five years.² The performance of auto equity loans is similar to that of unsecured consumer loans whose issue for over five years is limited.³ That said, the segment of auto equity loans is small, with their disbursements making up 4% of new cash loans in 2026 Q3.⁴ The alignment of regulation in these segments will not have a significant effect on access to credit.

To curb the practice of artificially understating borrowers’ DSTI, the regulator has set the MPLs on new long-term car loans and auto equity loans for 2027 Q1.

The MPLs on new car loans and auto equity loans to borrowers with high DSTI have been kept unchanged.

2. The Bank of Russia has kept the MPLs on mortgage loans to purchase finished housing and housing under construction in apartment buildings unchanged for 2027 Q1. The macroprudential add-ons have not been revised.

In 2026 Q3, the mortgage loan portfolio rose rapidly, with the growth rate of outstanding mortgages equalling 13.3% YoY as of 1 October 2026.⁷ The MPLs restrict the issue of high-risk loans to borrowers with high DSTI.⁸

The performance of mortgages issued to purchase housing in apartment buildings has been good, with the share of loans overdue for more than 30 days after nine months on book equalling 0.5% of January 2026 disbursements (-0.8 pp as compared to loans issued in January 2025).⁹ In view of the above, the Bank of Russia has kept the MPLs unchanged for 2027 Q1.

As of 1 October 2026, the macroprudential capital buffer amounted to 1.1%¹⁰ of the mortgage loan portfolio net of loss provisions. The regulator assesses the buffer as adequate based on stress testing results, among other factors. Therefore, the macroprudential add-ons for mortgages have not been revised.

3. The Bank of Russia has kept the MPLs on single-family home mortgages and home equity loans unchanged for 2027 Q1.

The portfolio of single-family home mortgages gained 14.4% YoY by 1 October 2026.¹¹ The segment also recorded an improvement in the structure of new loans. In 2026 Q3, the proportion of new loans to borrowers with DSTI above 50% was 20% (vs 52% in 2025 Q3), of which 1% (vs 18% in 2025 Q3) were granted to borrowers with DSTI above 80%.¹²

The MPLs on home equity loans restrict the issue of high-risk loans to over-indebted borrowers. The proportion of these loans to borrowers with DSTI above 50% was 14% (vs 80% in 2025 Q3), of which 2% (vs 46% in 2025 Q3) were granted to borrowers with DSTI above 80%.¹³

Considering the improving lending standards in the segments of single-family home mortgages and home equity loans, the Bank of Russia has decided to keep the relevant MPLs unchanged for 2027 Q1.

4. The Bank of Russia has kept the MPLs on unsecured¹⁴ consumer loans (microloans) unchanged for 2027 Q1. The macroprudential add-ons have not been revised.

In 2026 Q3, the portfolio of unsecured consumer loans was up by 3.7% (vs +5.2% YoY as of 1 October 2026),¹⁵ largely driven by the realisation of pent-up demand for credit and a seasonal rise in holiday and back-to-school expenses. The proportion of unsecured consumer loans (microloans) to borrowers with DSTI above 50% dropped to 18% in 2026 Q3 (vs 20% in 2025 Q3).¹⁶ The share of non-performing loans¹⁷ has been virtually flat (13.1% of the portfolio as of 1 October 2026; 13.2% as of 1 July 2026). However, there remain risks that loan performance will deteriorate in the event of a slower increase in borrowers’ incomes.

Given the ongoing stable performance of unsecured consumer loans (microloans) and tighter MPLs on cash loans (microloans) set for 2026 Q4, the Bank of Russia has decided to keep the MPLs on unsecured consumer loans (microloans) unchanged for 2027 Q1.

The macroprudential add-ons for unsecured consumer loans (microloans) have not been revised. As of 1 October 2026, the macroprudential capital buffer amounted to 7.2%¹⁸ of the unsecured consumer loan (microloan) portfolio net of loss provisions. The buffer is sufficient for banks to cover losses should the stress scenarios materialise.

5. The Bank of Russia has not revised the risk-weight add-on applicable to the increase in credit claims on highly-leveraged large companies.

Since 1 March 2026, a 100% macroprudential add-on for the increase in banks’ credit claims on highly-leveraged large companies has been in force. Over April–August 2026, the largest groups of highly-leveraged companies¹⁹ were building up their debts to banks at a slower pace than the corporate sector as a whole (+5.5% vs +6.7%, respectively).²⁰ As of 1 October 2026, banks had a macroprudential capital buffer of ₽105 billion for credit claims on the largest companies with high leverage.²¹ In the future, the Bank of Russia might continue raising the add-on if banks’ risks related to claims on such companies rise.

6. The macroprudential add-ons for corporate credit claims in foreign currency have not been revised.

Over 2026 Q2–Q3, the share of foreign currency in the portfolio of corporate loans and bonds,²² adjusted for foreign currency revaluation,²³ contracted by 1.5 pp to 12.2%.²⁴ Currently, there is no need to encourage banks to decrease the proportion of foreign currency in their credit portfolios, as foreign currency loans are primarily taken out by exporters, which have enough foreign currency earnings to repay their debts.

7. The Bank of Russia has not revised the national countercyclical buffer, effective from 1 July 2025, equalling 0.5 pp to banks’ capital adequacy ratios.

Overall, lending has been expanding slightly faster than expected. Specifically, outstanding loans to households went up by 10.3% YoY as of 1 October 2026, while claims on organisations gained 13.3% YoY. Banks continue raising their capital adequacy ratios gradually. As of 1 October 2026, the capital adequacy ratio of the banking sector as a whole equalled 13.7%²⁵ (vs 13.2% as of 1 January 2026 and 12.5% as of 1 January 2025). In view of the scheduled rise in capital adequacy buffers by 0.75 pp for systemically important credit institutions (SICIs) and by 0.5 pp for other banks from 1 January 2027,²⁶ the national countercyclical buffer has not been revised.

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28.10.2026 18.15.00