Bank of Russia recommends that creditors extend retail and SME loan restructuring until 1 October 2021
The Bank of Russia has made this decision in response to a growing number of coronavirus cases and the restrictions introduced as such a situation may affect the ability of individuals and entrepreneurs to duly service their loans.
The restructuring will not make a negative impact on credit histories of borrowers: the regulator has sent recommendations to this effect to lenders and credit history bureaus.
With the capital cushion accumulated by the banking sector by now and the release of the macroprudential buffer on consumer loans from 30 June 2021, banks are able to ensure necessary provisioning for the restructured loans.
The Bank of Russia has also decided to extend the lifting of the sectoral restrictions under the SME Lending Stimulus Programme implemented with the support of JSC RSMB Corporation. To receive a loan under the Programme, an entrepreneur is to apply to one of the authorised banks participating in the Programme, the list of which is available on the JSC RSMB Corporation's website.
The Bank of Russia will monitor future developments and assess whether it would be necessary to develop additional measures to support individuals and businesses.