The Central Bank appealed to the FAS regarding bank commissions within the framework of preferential mortgages
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The head of the Bank of Russia, Elvira Nabiullina, said that the Central Bank contacted the Federal Antimonopoly Service (FAS) regarding commissions for developers under preferential mortgages. Ms. Nabiullina named inflated housing prices as one of the negative consequences of using commissions.
“The main problem is, of course, unfair competition, so the FAS has the main tools, we turned to the FAS with our arguments. But, by the way, we see that competition is working in the other direction and is increasing. And we turned to them to increase the limits on preferential mortgages, primarily to those banks that do not apply these commissions,” the head of the Central Bank said at a press conference on the key rate (quote from TASS).
Elvira Nabiullina added that banks provide the regulator with arguments in favor of their decisions. She clarified that a small part of large banks that applied commissions abandoned this measure. According to her, the regulator will work with banks within the framework of supervisory powers to ensure that housing collateral is “valued appropriately.”
In January 2024, Sber, VTB, Alfa Bank and other banks introduced commissions for developers under preferential mortgage programs. Because of this, developers began to refuse to work with some banks or increase the cost of housing. On January 15, the Bank of Russia called charging a commission from developers for issuing preferential mortgages risky, since this reduces market transparency and weakens competition.
More details in the text “Kommersant” “Buyers are visiting new buildings”.
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