Aggregated News From Investment Management Regulators

Number of applications for loan restructuring shows a slight increase

Report/Flag

Please complete the required fields.



Demand for loan restructuring has increased slightly both from individuals and from small and medium-sized businesses, according to the latest issue of the ‘Restructuring loans to individuals and companies’ information bulletin.

From 27 August to 9 September, banks received 72 thousand applications from individuals, which is 5 thousand more than in the previous period — from 13 to 26 August . The growth was mainly due to requests for restructuring under banks’ own programmes from individuals whose loan repayment holidays were cancelled by law in view of the lack of evidence of a 30% decrease in income.  Earlier, the Bank of Russia recommended that banks should offer individuals their own restructuring programmes in such cases.

In total, from 20 March to 9 September, banks received 2,759.9 thousand requests from individuals, and 1,659.3 thousand restructurings were approved.

From 27 August to 9 September, banks received almost 2 thousand requests for restructuring from small and medium-sized businesses (less than 0.5 thousand from 13 to 26 August). This is mainly because the entrepreneurs who postponed applying for loan repayment holidays, hoping to restore cash flows, finally decided to take advantage of the opportunity to get loan repayment holidays under the law as this opportunity exists until 30 September.

In total, from 20 March to 9 September, banks received 142.9 thousand applications to change the terms of loan agreements from small and medium-sized businesses, with 72.7% of reviewed applications approved.

At the same time, the Bank of Russia earlier recommended creditors to extend their own restructuring programmes until the end of this year to fully meet the needs of individuals and SMEs by giving them a helping hand.

See PDF here: https://www.cbr.ru/collection/collection/file/29235/drknb_06_2020.pdf

Source Link

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

Recent Articles

SEC, NASAA, and FINRA Offer Free Resource to Securities Firms to Assist in Detection, Prevention and Reporting of Financial Exploitation of Seniors

Regulators Providing Free Training in Recognition of World Elder Abuse Awareness Day; Program Aims to Assist Firms in Implementing Requirements of Senior Safe Act In recognition of World Elder Abus

Six Charged in Silicon Valley Insider Trading Ring

The Securities and Exchange Commission today announced insider trading charges against a Silicon Valley trading ring whose members generated nearly $1.

Portfolio Transfer from Yarden Uitvaartverzekeringen N.V. to Dela Natura- en levensverzekeringen N.V.

Yarden Uitvaartverzekeringen N.V. with its registered office at Transistorstraat 10, 1322 CE, Almere, the Netherlands, intends to transfer its entire life insurance portfolion by way...

Get the latest from Regulatory.News in your inbox!

×