NBU extends debt restructuring under simplified rules

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The decision is aimed at helping borrowers affected by quarantine.

NBU has extended restructuring of debt under simplified rules. Photo: forpurposelaw.com

The National Bank of Ukraine expanded simplified rules to assess loan risk until 30 November when debt restructuring from borrowers affected by quarantine. This was reported on the NBU website.

In addition, the loan will not be withdrawn from the group valuation of the credit risk, for which payments, according to the terms of the restructuring, are more rare or in smaller amounts than those provided by NBU Regulation No. 351.

Further, to support the public sector, the regulator allowed banks, when assessing credit risk on loans given to government agencies (budgetary institutions), to know the status of their implementation of budget revenue in 2020 Should not be taken.

These changes are provided by the resolution of NBU No. 105 dated July 24, 2020.

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Earlier, the National Bank warned Ukrainians about the risk of debt “at 0%”. According to the head of the NBU Department of Consumer Rights Protection, Olga Lobaichuk, in reality such a rate can only be valid for one week. After that, the loan rate can rise to 1702% per year.

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