In the context of the prohibition on the importation of products from the European Union and the United States Ministry of Agriculture proposes to introduce significant benefits to reserve loans to farmers to reduce the burden on lenders and industry to increase the amount of funds allocated by banks AIC. According to “Kommersant”, the Ministry of Agriculture has sent its proposals to the Ministry of Economy, Ministry of Finance, the Bank of Russia, as well as the Savings Bank and the Agricultural Bank, the largest banks – creditors AIC.
First of all, the Ministry of Agriculture considers it necessary to establish a level of reserves in the 1% of the loan amount farmers, contracts which have 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 to optimize the reserves. “Banks tend to use high discount rates to agricultural land due to the fact that the legislation provides for certain restrictions on foreclosure on such land if they were a mass of collateral and the loan has become a problem for them,” – explained the “Kommersant” deputy chairman Board of Raiffeisenbank Oxana Panchenko.
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.
In the Ministry of Economy and the Agricultural Bank at the request of “Kommersant” did not respond. Sberbank declined to comment. The ministry reported that discussing proposals for a common set of measures to support the agricultural sector. The Bank of Russia explained that existing regulations already provided “preferential approach to assessing the borrowers’ loans, including agricultural producers affected by emergencies.” And “the issue of improving the quality of agricultural land needs to be addressed by addressing the causes of their low liquidity”, according to the Central Bank. However, it is possible that in the conditions of Russia’s ban on imports of a range of products from countries that have implemented the sanctions to Russia (the EU, the USA and others), the Central Bank will soften its stance, says “Kommersant”.
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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