Restructuring the Debts on Mortgage Loans in Foreign Currency: Realities and Ways to Solutions
Journal Title: Бізнес Інформ - Year 2016, Vol 6, Issue
Abstract
The article is concerned with searching possible solutions (in the context of devaluation of the national currency) to the problem of settlement of mortgage loans provided to natural persons by banks of Ukraine in foreign currency. The major trends of development of the bank mortgage lending to natural persons for the purchase of housing in Ukraine have been analyzed. Reasons for the increase in outstanding debt on these credits has been substantiated, as well as the need for the debt restructuring, involving three parties: banks - lenders, borrowers - natural persons, and the State, represented by the National Bank of Ukraine. The basic parameters of such restructuring have been determined. The article proposes a debt restructuring mechanism by means of changing the currency of commitments and partial cancellation of debt of natural person that has arisen due to devaluation of the national currency. It is recommended to minimize the losses on the part of creditor at the expense of soft refinancing by the National Bank the banks - lenders; to use on the part of banks - lenders the reserves on loans in proportion to the maturity of the restructured loan, and selling the national currency to the banks - lenders at a fair rate, which is used for the restructuring.
Authors and Affiliations
Tetiana Ostapyshyn
Keywords
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