Agriculture Ministry proposes to introduce significant benefits to reserve loans to farmers as a measure for the influx of bank funds in agro-industrial complex of Russia and reducing the burden on creditors of the industry. This proposal appealed to the Ministry of Agriculture of the Ministry of Economy, Ministry of Finance, the Bank of Russia, the Savings Bank, Agricultural Bank, as well as other major banks, the newspaper “Kommersant”. This measure is related to the embargo on the import of products in the Russian Federation from the EU and the United States.
The Ministry of Agriculture considers it necessary to establish a level of reserves in the 1% of the loan amount to farmers, treaties which repeatedly rolled over, including due to emergencies, but which, according to the bank, to be repaid. Now loans to farmers, backed up on the same basis, according to market participants, the average level of provisioning for such loans is 10-20%. The second initiative concerns the Ministry of Agriculture of upgrading the quality of the collateral of agricultural land to the second category in order to optimize reserves.
According to the IFRS financial statements, at the beginning of 2014 the Savings Bank and Agricultural Bank loans to enterprises of agriculture exceeded 1.5 trillion rubles, and formed under these provisions can be estimated at 150 billion rubles. Thus, the effect of the decline in reserves could reach tens of billions of rubles, estimated by experts.
limited to the Ministry of Agriculture does not intend to. The Minister Nikolai Fyodorov commissioned jointly with the banks to study the issue of unconditional giving credits to farmers, whose production is due to rapid import substitution, as well as to prepare unsecured loans for farmers.
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