Loan repayment holidays: reasons for denial of restructuring to be made clear to borrower

The Bank of Russia recommends that lenders, when considering applications for loan restructuring under their proprietary programmes, be guided by approaches similar to those laid out in the anti-crisis law (Law No. 106-FZ). Under these, a borrower’s application shall be considered within five days; the restructuring period commences from the date on the borrower’s application date unless the borrower specifies another date; no penalty shall be accrued in the application review period provided that the application for restructuring wins approval.