The head of the Central Bank Nabiullina: the regulator is taking measures due to the “pumping” of mortgages with pseudo-benefits
The Bank of Russia is concerned about mortgages, “pumped up” with preferential and pseudo-concessional programs, said Elvira Nabiullina, head of the regulator, during a speech at the Federation Council. This is reported RIA News.
Speaking at the Federation Council, she explained that the Central Bank (CB) is taking measures to counter this state of affairs. According to Nabiullina, with the help of regulatory measures, the pace of issuing mortgages with a low down payment is now limited.
This is not the first time the head of the Central Bank has expressed concern about the rapid growth in mortgage lending in Russia. On June 15, Nabiullina promised that the Central Bank would consider introducing quantitative restrictions on the issuance of risky mortgages by banks if the use of existing tools was not enough.
At the same time, in April, the head of the Central Bank advocated the expansion of targeted preferential mortgages to the secondary housing market. Nabiullina then recalled that broad preferential programs are effective as an anti-crisis measure, but after them it is worth moving on to targeted programs that should also be applied to the “secondary”, because in the case of supporting a specific category of citizens, it actually does not matter how they improve their living conditions.
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