Preferential loans have grown to PSK

The Bank of Russia plans to separately collect information on the full cost of loans (TCC) issued under preferential programs. As a result, restrictions on the PSC may be introduced for new categories of loans, and for the remaining loans the calculated value may automatically increase due to exclusion from the total volume. However, experts note that the results of this step will be visible next year, after the resumption of restrictions on PSK, lifted in mid-August.

The Bank of Russia has published a draft directive introducing additional detail in the calculation of the full cost of a loan. The regulator intends to collect information on loans to individuals, which are currently not included in the calculation of average market values ​​of the PSC. In particular, banks will have to provide information about car loans, the rate on which is subsidized by the car manufacturer. Separately, mortgages issued under preferential programs, information on educational loans, as well as other loans secured by collateral will be taken into account.

This year, stricter requirements for credit products were introduced. According to the vice-president of the Association of Russian Banks, Alexei Voylukov, in the summer changes were made to the law on consumer credit, which generally lead to an increase in the PSC: “The indicator will be calculated in a new way from January 21, 2024, and, as expected, the most painful changes will become for car loans.”

The new requirements of the Central Bank may come into force before the end of the year, however, market participants emphasize that by the decision of the regulator, the limit on the PSC for new loans has been lifted until December 31 (see “Kommersant” dated August 17). In particular, this applies to all categories of bank consumer loans, for microfinance organizations for loans secured by a mortgage, as well as for POS loans.

However, the lifting of restrictions does not mean that loan rates remain unlimited.

As Yuri Belikov, managing director for validation at Expert RA, explains, the issuance of consumer loans will slow down due to tightening in terms of premiums on risk weights of loans and in terms of macroprudential limits, as well as due to a reduction in effective demand.

Next year, the new document, according to experts, will contribute to increasing the calculated values ​​of the UCS. NKR Managing Director Mikhail Doronkin notes that, according to the new accounting system, the existing PSC calculation can be adjusted by identifying subcategories.

But if in the case of educational loans this will not play a big role due to their insignificant share in bank portfolios, then in the case of mortgages and car loans, where subsidized loans may be excluded from the calculation of the PSC, the rates on which may underestimate their real value within the framework of banks’ own programs, it could have an impact, he says. According to the Central Bank, as of August 1, the mortgage portfolio of banks amounted to 15.9 trillion rubles. (almost 52% of the total portfolio). At the same time, the share of issued preferential loans, according to JSC Dom.RF, already exceeds 50% of the total volume of mortgage issues. Auto loans account for about 5% of the total banking portfolio.

At the same time, as Yuri Belikov explains, the regulator wants to monitor the PSC for those categories of consumer loans that are not involved in the calculation of average market PSC values ​​in order to have statistics for making decisions if it is necessary to extend restrictions to these categories. However, this does not mean that restrictions will be introduced for these categories as soon as possible. To begin with, Mr. Belikov clarifies, it is necessary to decide where and in what increments the key rate will go, how effectively inflation is targeted and, accordingly, how long it is necessary to maintain high market rates, and only after that we can return to the issues of regulating the PSC.

Maxim Builov