Banks began to circumvent the Central Bank's measures to curb citizens' borrowing

From the second half of the year, the Central Bank plans to introduce quantitative restrictions on the issuance of non-purpose loans secured by a car, the relevant changes have already been introduced into the legislation, the head of the Department of Financial Stability of the Central Bank Elizaveta Danilova told "Izvestia".

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Now the regulator uses macroprudential surcharges to curb risky practices. But banks this year have sharply - at least five times - increased the issuance of non-purpose loans secured by a car. They use this kind of ploy to circumvent the Central Bank's limits on lending to borrowers with high debt loads, Danilova said.

"We see that the issuance of non-purpose loans secured by a car has increased very much. If until 2023, their share accounted for only 1% of loans issued, now this share has increased: in October five times," she noted.

In some banks, the share of such borrowings this year has increased from zero to half of the loans granted, noted in the materials of the Central Bank.

For example, in the second quarter of 2024, 79% of non-purpose loans secured by cars were granted to people with an IEP of 50+, of which 43% - to borrowers with an IEP of 80+. There was a slight decline in Q3 after the Central Bank introduced additional surcharges on this type of lending. However, even at that time, about 30% of non-purpose consumer loans secured by vehicles were granted to borrowers with an MPR of more than 80%. This is significantly higher than the same figure for unsecured loans, which is 13%.

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