Bank of Russia sums up first results of loan repayment holidays for mobilised citizens
As of 1 November 2022, banks granted the mobilised personnel and their families more than 100,000 loan repayment holidays worth 45.4 billion rubles.
According to the Bank of Russia’s monitoring, as a whole, banks were able to quickly implement a mechanism for granting loan repayment holidays to the participants in the special military operation. However, the regulator received about 750 complaints and appeals on this issue, mainly regarding the loan repayment holidays procedure.
The Bank of Russia investigated all the complaints received. In all cases, when complaints were recognised as justified (some 40 cases), the situation was resolved, with loan repayment holidays granted to borrowers. Most often, the violations by banks of the loan repayment holidays procedure were of a technical nature and were related to banks’ software upgrade. In other cases, they concerned the request for documents to confirm borrowers’ mobilisation. Automated verification by banks of a mobilised person’s status through the information system of the Federal Tax Service, launched on 23 November 2022, will reduce the probability of recurring problems.
Excluding the loan repayment holidays for the mobilised and their families, the number of applications for restructuring household loans increased by over 20% in October 2022 against September and remained at the same level for small and medium-sized business loans. In October, banks restructured 64,700 household loan agreements worth 22 billion rubles and 4,100 SME loan agreements worth 36.5 billion rubles.
For details, see the information bulletin Retail and Corporate Loan Restructuring.