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Bank Rossii says mortgage lending dropped.

Global Banking News-2 April 2010-Bank Rossii says mortgage lending dropped(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 02 April 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Russian central bank, Bank Rossii has said that Russian mortgage lending dropped last year.

According to the central bank, Russian mortgage lending dropped by 77 per cent last year compared to the previous year. Lending in the mortgage business almost matched levels in 2006, although there were signs of an economic recovery. The value of home loans issued last year was RUB152.5bn, and accounted for 5.8 per cent of total retail lending. Overdue rouble-denominated mortgage loans more than tripled last year compared with 2008. Delinquent foreign-currency loans also doubled.

In a statement, the central bank said that the main reasons for the fall in mortgage lending were more expensive credit resources and increasing risks of investing into long-term assets.

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Publication:Global Banking News (GBN)
Date:Apr 2, 2010
Words:176
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