Date: 2 months ago   Category: Finance

The Central Bank changes requirements to reserves on loans of IFI — Rambler News Service


Microfinance institutions (IFIs) will be obliged to form reserves by all types of the loans issued by them, at the same time the size of a reserve can exceed the established minimum values, follows from the draft of the instruction of the Central Bank. "The corresponding draft of the instruction is developed by the Bank of Russia for rapprochement of approaches to formation of reserves with requirements of the industry standard of accounting", - reported in the press service of the regulator. As explained in the press service of the Bank of Russia, "the lowered minimum rates of reservation on the loans issued to representatives of small and medium business and provided with the state or municipal guarantee within support of small and average business, in particular, are provided in the draft of the instruction". "The project established cases at which the minimum rate of reservation increases not less than by 10 items from minimum established rates (cancellation of the license of the borrower, the borrower's exception of the register, achievement of duration of back payments of 180 days in total within a year, acquisition of earlier conceded loan agreement) and also cases at which approach the minimum rate of reservation will make 99% (lack of the documents confirming the fact of signing of the contract of a loan or the fact of acquisition of requirements for the loan agreement, recognition of the borrower by insolvent (bankrupt), application concerning the borrower of procedures of bankruptcy or finding of the borrower – the legal entity in an elimination stage)", - said in the Central Bank. The Bank of Russia added that "the draft of the instruction also establishes types of pledges which cannot be considered as providing, and events at which approach providing cannot be considered when forming reserves on loans, besides, the concept "high-quality pledge" which is understood as pledge which cost is more than the sum of a loan is entered or it is equal to it". The press service of the regulator noted that the preferential rate of reservation on a mortgage is provided in the draft of the instruction in case the sum of debt does not exceed 70% of the estimated cost of real estate, by analogy with banks. The instruction has to come into force in half a year after its official publication.

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