» Anti Raid Original Article | Rostyslav Kravets
» Approved Law for the restructuration of FX Loans
Last week the Verkhovna Rada as close as possible to address the issue of foreign currency borrowers. However, due to the incredible resistance of the banking lobby, pro-government party deputies and the Speaker of the bill was sent to the third reading.
The proposed legislation , in my view, only the last 7 years, offered a real mechanism for the repayment of foreign currency loans. And thus, without passing the buck to the state, which only resisted the IMF, and in fact gives a chance to the borrowers to repay the debt, the government did not lose a dime and breathe freely, providing an opportunity to the real economy out of the shadows.
The only one he is not satisfied with banks seeking profit of 1000% instead of 100%, and close to them deputies profit from the problems of currency borrowers.
It absolutely can objectively say that today the bank in question is not refund, but only in the amount of the profits. The majority of these loans have long psevdovalyutnyh returned finuchrezhedeniyam and today is only a question of the amount obtained profits.
In relation to the same proposed law may be noted that it applies only to the relationship between borrowers caused by individuals-residents of Ukraine and banks and other financial institution and persons who are assigned to the right consumer foreign currency loans.
At the same time it does not apply to natural persons-entrepreneurs, legal entities and loans granted for business development than in the past quite successfully manipulated the banking lobby in Parliament moaning about the collapse of the economy.
According to the same share of consumer NBU foreign currency loans does not exceed 15 billion UAH. And in this case we are talking only about the actual profits of financial institutions.
Although, in my opinion, the amount of outstanding foreign currency loans is highly inflated and does not include those discounts, which banks borrow from others outbid finuchrezhedeny. Sami discounts averaged about 90%. Therefore, the issue of consumer credit to the economy is greatly exaggerated and absolutely untrue.
The bill proposed a restructuring process in the next version. The amount of the remaining debt with the interest paid is not converted into hryvnia at the exchange rate at the time of the loan. The interest rate after the restructuring may not exceed the average rate of borrowing funds is determined by the National Bank of Ukraine at the date of restructuring.
In this scheme of repayment established classic, but at the request of the borrower the lender is obliged to recalculate previously paid interest on the annuity scheme of repayment, the classic with the corresponding recalculation of the debt. In most cases this will result in immediate and almost complete repayment.
In addition, the assignment of foreign currency loans is only possible with the consent of the borrower and the lender while the borrower is obliged to offer the same conditions of the discount that the company acquires its credit.
The law also established a moratorium of two years, during which it is forbidden:
- appeal to the court for enforcement of obligations;
- fulfillment of executive notary on credit agreements and collateral (mortgages);
- seizure or other acts for the enforcement of the court decision on foreclosure of the property (including the eviction);
- committing any of the activities of extrajudicial foreclosure on the property;
- •Opening or further implementation of already open enforcement proceedings.
All open enforcement proceedings in the cases covered by the moratorium on collection of property established by this Act, come to an end. All enforcement documents returned claimants, executive collection is not charged.
There’s even a version of the transfer of the collateral to the lender, then all obligations are terminated, and the debts are canceled.
The Act also provides for direct rule, previously ignored by the government and the courts to protect the rights of children.
So, the bill proposed a ban on the repossession of real property used as a place of residence of the borrower / guarantor of property, in which young children live, or which is the object of uncompleted construction of residential real estate located in the mortgage, provided that the property of the borrower or property surety no other residential real estate. The total area of the residential real estate (facility under construction residential real estate) does not exceed 140 square meters for apartments and 250 square meters for residential building. However, this does not relieve the borrower from the debt.
The Act provided for repayment of the loan and taking into account of previous payments. Namely, if during the period of use of consumer credit before the entry into force of the aggregate amount of payments carried out by the borrower under the contract of consumer credit exceeds by 15 percent the total amount of principal obligation of the borrower to the lender considered satisfied.
Among other things, the Act provided and the case where the alienation of the mortgage / pledge of the credit agreement, that is, the enforcement or implementation of a voluntary pledge to fulfill obligations to the creditor under the credit agreement, occurred prior to the entry into force of this Act. In this case, the outstanding balance of this loan is considered repaid from the date of entry into force of this Act and is forgiven (canceled) by the lender.
In general, it is worth noting that the adoption of the Act to issue foreign currency loans will be resolved once and for all Ukraine. However, neither suffer, neither party relationships including data and state. Unlike banks with impunity looted depositors’ funds and their clients, borrowers are ready to fulfill its obligations in full and also a profit for the financial institutions.
Lawyer, senior partner
Law firm “Kravets & Partners’
Rostislav Kravets
