the Idea of vacation credit was voiced in address to the nation on 25 March, President Vladimir Putin. The bill was prepared by deputies from different factions and senators in his behalf. He gives borrowers quarantined?
the Important thing is that during the grace period is not allowed, the accrual of the penalty (fine, fine). In addition, the lender may not require repay the debt. A reprieve is granted to those who within 90 days will provide the Bank or MFI’s income statement, extract from the register of public services on registration of the citizen as the unemployed, the disability sheet. In turn, the credit institution is obliged to consider the appeal within five days. The grace period can be from day of request for 30 days on home loans and 14 days for the consumer.
on the Eve of the Central Bank recommended that supervised banks, MFIs and credit cooperatives to introduce a number of measures to protect borrowers who have officially confirmed coronavirus infection. Among them is the restructuring of the debt, the abandonment accrual of penalties and fines on loans. Banks have already started to announce some of his steps (primarily the deferred payments), however, beyond the recommendations of the Central Bank, their actions do not go out, serious indulgences are seen.
“of Course credit vacation – a necessary measure. But it is better resolved and an agreed delay than an avalanche of defaults and delinquencies and, as a result, a sharp growth of the volume of toxic assets from banks,” says IAC senior analyst “Alpari” Anna Bodrov.
According to her, the business is now idle and well, if is just “zeros” — the bulk of business projects incurs losses in connection with the ongoing rent for the space. Deferred loans will diversify the financial burden and gradually pay off debts. Of course, this is not a universal remedy for debtors, but some part of them will save. As for the banking system, it has obvious advantage in the form of unlimited access to loans of the Central Bank. Banks mcan refinance each other. Business this resource is not available, but if it die, it, and banking too will not need anyone. Everything here should work as part of a team and to share the risks.
“Banks are a lot easier than people, – says financial analyst FxPro Alexander kuptsikevich. For them, the vacation credit partially kompensiruet the easing of regulations by the Central Bank. If necessary, these incentives can be easily extended, as banks easier to prove what went the allocated funds. With a population of a different situation. How to determine who needs help and who does not, and is not wrong? In these circumstances, the government prefers to give less”.
Clearly, says Copecetic that credit vacation is a necessary measure in quarantine. But would it be enough alone? In fact, the deferred payment affects a limited amount owed to creditors of companies and individuals – those whose income has decreased by 30% or more. But if your income fell by 20-25% – is bent with the world?
vacation Credit should not be regarded as a panacea for the expert of the Russian Institute for strategic studies (RISS), Mikhail Belyaev. No one, even the richest country can’t afford for a period of quarantine to take on the expense of all those affected by the pandemic. To be an entrepreneur in the classical Western understanding means to think and act flexibly, to be able to calculate risks in advance to form a safety cushion and, ultimately, to survive in any circumstances. For those decades, for which Russia established market, a whole generation of businessmen, who dont know anything else. Where in this socialist mental vestige of a widely held belief that upon the occurrence of force majeure, the state you will save?
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