Bank of Russia recommends loan restructuring for flood victims in Primorye Territory
5 October 2022
News
The regulator advised banks and non-bank financial institutions to take into account the circumstances of those borrowers who had become victims of the flood in the Primorye Territory in September.
The Bank of Russia recommends that lenders should find acceptable options for debt repayment or even forgive debts on loans and microloans in special cases, as well as not foreclose on collateral.
Furthermore, lenders and credit history bureaus should not consider such restructuring as a factor worsening a borrower’s credit history.
Preview photo: Tinnakorn Jorruang / Shutterstock / Fotodom