A new procedure for banks to form reserves for loans to developers using escrow accounts has been established
The instruction of the Bank of Russia establishes a special procedure for creating reserves for loans granted to borrowers-developers using escrow accounts. According to the document, banks will have to form reserves for such loans depending on the level of creditworthiness of the borrower, which is determined using a number of criteria established by the Bank of Russia. Based on these criteria, there are four levels of solvency: “high” (calculated reserve - from 1 to 5%), “sufficient” (calculated reserve - from 5 to 10%), “satisfactory” (calculated reserve - from 10 to 35%) and "weak" (calculated reserve - from 35 to 100%). The document is registered by the Ministry of Justice and enters into force after 10 days from the date of its official publication.