Related article: VTB Bank has improved conditions for mortgage lendingBankers have prepared a new draft law of Ukraine on the transfer of foreign currency mortgage in the hryvnia. This was reported today in the Independent Association of Ukrainian Banks (NABU). The draft law "On citizens' obligations under the restructuring of foreign currency loans obtained for the purchase of a single housing" will be asked to translate into the hryvnia currency All mortgage loans in the amount of up to 2.5 million USD (at the exchange rate at the beginning of 2015). The bill has not yet made public, but journalists have received a copy of the explanatory note.
Conversion of foreign currency loan in the hryvnia will be at the official rate of the National Bank of Ukraine on the date of restructuring. After that part of the debt will be written off. All citizens who have taken loans to purchase housing only, as well as the purchase of land for the construction of such housing, the bank simply is not less than 25% of the debt. But a number of categories promises more "discount." Those who have housing falls under the category of social (.. Apartment of 60 sq m and houses up to 120 square meters), will be written off at least 50%; invalids, participants ATO, veterans, families with many children - more than 70%. Participants ATO who acquire a disability, and the heirs of those killed in ATO fully exempt from duty. This should allow the law to make socially oriented.
Such write-offs sizes mean that the current fluctuation rate of about 22 USD / $ real conversion rate for the borrowers would have amounted to 11-16,5 UAH / $. Write-off of 70% equivalent to the rate of 6.6 UAH / $. Translation terms of the loan will be no delay at 1 January 2014, when the rate was still 7.99 UAH / $, or full repayment before the restructuring. But that is not enough: as of July 1, 2015 of the borrower should not be more than 30 days overdue. Penalties incurred in the last year and a half, will be written off, and six months after the entry into force of the law will be lifted a moratorium on the forced recovery of the housing.
When restructuring the loan rate does not change - it will record for three years. Then it will be raised to the level of Ukrainian index rates of deposits of individuals for annual hryvnia deposits (UIRD) plus 3%. This is the cost of raising money from the public plus the administrative costs of the bank. At the current level UIRD mortgage rate amounted to 24-25%. But by 2018, the NBU wants to reduce inflation to 6% plus or minus 2%. If the deposit rate will at the level of inflation, the borrowers will be able to count on 10-11% as they are paid in foreign currency.
The solution for many
The law will allow Ukrainian banks to make concessions, for example, to change the system of repayment with the annuity on a differentiated, reduce the rate on the loan or use a more loyal to the conversion rate. The initiative, according to bankers, more sensible than the bill offers №1558-1, who "hung" in the Parliament. The law also replace broken Memorandum. "We came to the conclusion that this problem should be solved by law to borrowers had no complaints that some banks in Ukraine was not carried out. In this project, we consider the group of people who perform their obligations until January 2014, when the rate went up, and they could not pay, "- says the executive director of the NABU Elena Korobkov.
NBU supports this initiative. "We welcome the fact that the Ukrainian banks have agreed. The memorandum was not supported by all banks in Ukraine, but restructuring is still held. To standardize the approach to restructuring, we need a law. Plus the adoption of the law in this edition allow to stop trying to take a populist law ", - said director of the department of banking supervision of the National Bank Catherine Rozhkov. Changing the position of the NBU and bankers is not contrary to the IMF position. The updated memorandum no commitment by the President to veto the foreign exchange Poroshenko law. This does not mean that the president will sign the bill №1558-1, but the fact that Ukraine is allowed to take such a law, if the losses to be incurred by the banks, will not threaten the stability of the financial system.
Borrowers who currently do not pay on loans or borrowed funds invested in real estate for commercial purposes, will get nothing from this law. "We are not ready to give large discounts to those who is solvent and on whom the crisis has not affected. While individual borrowers who really can not pay, we give discounts even of 60%, "the head of board -otmechaet" Alfa-Bank "Viktor Mikhailov.
Bankers complain that borrowers have fallen victim to their own mistakes, that populist bill №1558-1, threatened the bank's losses of 100 billion USD, have at least a minimal chance of becoming law. "Once this law was adopted, 16 thousand restructuring of loans that were in our signatures, were frozen. Customers said that they will wait for the translation 5.05 UAH ", - said the head of" Ukrsotsbank "Tamara Savoshchenko.
Borrowers want more
Authors of the bill promise that it will also apply to loans of bankrupt banks - conversion and write-offs will have to carry out temporary administrators and liquidators. This is important in light of the bankruptcy of the bank "Nadra" and "Delta Bank", which had a significant portfolio of retail currency mortgage. Care of these banks from the market to "improve" the official statistics. According to Catherine Rozhkova, from the beginning of the year the number of borrowers of foreign currency decreased by 17.7 thousand -. To 55.7 thousand, and their duty -. $ 1.2 billion to $ 2.4 billion.
Officials maintain such borrowers restructure loans in the absence of viable alternatives. "But it does not include people who took loans for any current needs secured their only shelter. That is, it turns out that people who took out loans to buy housing, lucky, and those who took loans against their homes, may lose it, "- fears a member of the Public Council of the National Bank Yaroslav Avramenko.
Will the state of taxpayers' money to cover the losses of banks in Ukraine, or all of the losses will incur unknown shareholders of credit institutions. "If society wants more forgiveness of debt, banks will incur heavy losses and more people would be fired. Therefore, this process should start state and the National Bank ", - said a board member of Credit Agricole Bank Galina Zhukova.