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Bad Debts of the Russians Are Growing
November 17, 2014 17:39


Past-due debts of Russians grew by half.

The past-due debts on the public loans have increased by 48 percent - up to 652 billion roubles - since the beginning of the year. This indicator is a record over the past several years, according to TASS referring to the debt collection agency “Sequoia Credit Consolidation”.

According to the agency, about 11.23 trillion roubles of loans granted to individuals were on the balance sheets of banks as of November 1, 2014. At that, the growth from the beginning of this year made up 12.8 percent, compared to 24.2 percent for the same period of last year. The policy of the Central Bank is called among the main reasons for a slowdown in lending rates. The regulator has taken a number of measures, including an increase in bank reserve requirements, and tightened the requirements for capital adequacy ratio. In July the National Bureau of Credit Histories (NBCH) and the FICO company calculated that the index of “credit health” of Russians fell to 98 points, which is the worst figure for all time of calculations. The share of “bad” debts, which are overdue by more than 60 days, amounted to 12.2 percent.

The NBCH experts explained the process by the fact that fewer new loans are given now, while the old ones were more risky and, therefore, the overall quality of the service has declined. According to the data of the Central Bank for August, the past-due debts of Russians on bank loans reached 587.6 billion roubles in the first seven months of 2014. The past-due debts have grown by 147.3 billion roubles, or 33 percent, since the beginning of the year.

Author: Anna Dorozhkina

Tags: debts Russian people society   

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