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The debt load of Russians set a record
The debt level of Russians as of April 1 of this year reached its maximum value for the entire observation period - 10,9%. Due to the decline in income and the inability to visit the bank’s office under restrictive measures, some of the borrowers in April-May were unable to timely fulfill their loan obligations. As a result, in the first half of April, the coefficient of exit to the first delay in unsecured loans increased by 1,3-1,5 times in comparison with the March indicators.
As noted in report Bank of Russia in the first quarter of 2020, the share of loans with a debt burden of more than 80% amounted to 23%. The regulator considers such loans to be risky and notes that borrowers are more likely to need restructuring.
The Central Bank believes that the expected scale of restructuring in the short term may adversely affect the liquidity of individual banks. The regulator is ready, if necessary, to help banks with liquidity in order to support restructuring programs, but so far does not see this as necessary. The Central Bank notes that now consumer lending is declining, and liquidity reserves are compensated by falling payments on restructured loans.