The State Duma allowed the Central Bank to introduce limits on the issuance of consumer loans and loans, adopted in the third, final reading, follows from the information on the website of the State Duma.
Now the regulator will be able to impose restrictions, setting the maximum allowable share of certain types of products for credit institutions: in particular, unsecured consumer loans and loans. An exception will be made for loans for education and loans to people with disabilities for the purchase of rehabilitation and treatment. The provisions of the law will take effect on January 1. The decision to set the limits will be made taking into account the risk factors for an increase in the debt burden of borrowers determined by the Central Bank.
Chairman of the State Duma Vyacheslav Volodin believes that the measures are justified against the background of the current situation on the lending market, the State Duma reported. According to the Central Bank, consumer lending has grown by 16 percent since the beginning of the year, and the share of borrowers who spend more than 80 percent of their income on debt servicing is more than 30 percent.
The Central Bank previously reported that the direct quantitative instrument restrictions may apply in the second half of 2022. The regulator promised to give banks “some time for them to set up their systems in order to track these limits.” The Central Bank will resort to this instrument if it sees an increase in risks. According to the Central Bank's estimates, consumer loans in 2021 will grow at a rate of about 20 percent, and the regulator does not consider the slowdown trend noted in October to be sustainable.