The State Duma approved the right of the Central Bank to limit the issuance of mortgages to banks – Kommersant
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The State Duma adopted in the first reading a bill that gives the Central Bank the right to restrict banks from issuing mortgages. It is expected that the regulator will receive new powers from July 1, 2024.
Bill was introduced by a group of deputies and senators led by the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov. The amendments give the Central Bank the authority to limit the share of loans provided that are secured by collateral of buildings, structures, land plots, unfinished construction projects, residential and non-residential premises, as well as parking spaces. Macroprudential limits do not apply to car loans or mortgages secured by aircraft, ships or inland navigation vessels.
The authors of the bill said its goal was to limit the provision of risky mortgage loans. They want to prevent the growth of debt among citizens and the accumulation of risks by banks and microfinance organizations.
At the beginning of 2024, the Bank of Russia introduced a limit in three microfinance organizations. The reason was the excess of the permissible share of loans to clients with a debt burden above 80%.
Read more about the bill in the Kommersant FM article. “The mortgage will fit into the framework”.
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