The law on securitization of the credits to small and medium business can be accepted in 2014

18th October 2013

The law on securitization of the credits to small and medium business can be accepted in 2014. Such information was given by ITAR-TASS in the press service of Bank of Russia. The news agency refers to the representative of summary economic department of the Central bank Russian Federation.

"For securitization of the loans which the credit organizations granted to subjects of small and medium business it is necessary to adopt the federal law on improvement of securitization of financial assets. In the Central bank there is information that the law can be adopted during 2014," representative of the Central bank reported.

The representative of Bank of Russia reported that after the Central Bank will adopt the law and will issue the corresponding securities, the question of use of the corresponding bonds for ensuring operations of refinancing of the credit organizations will be considered. Securities will be included in the Lombard list of Bank of Russia, or will be used as providing the credits of Bank of Russia. The loans will be granted according to the provision of the law №. 312-P "About an order of granting by Bank of Russia to the credit organizations of the credits which are provided with assets or guarantees".
 
The question of expansion of support of small and medium business became one of the first which was discussed the new chairman of the Central Bank Russian Federation by Elvira Nabiullina. She promised to expand instruments of support. For example, the Bank of Russia will redeem from banks the credits with securitization of small and medium business, and also will simplify refinancing of banks which are provided with the credits of small and medium business.
 
Now the Bank of Russia already refinances the loans which the credit organizations granted to subjects of small and medium-sized enterprises according to the provision of the law № 312-P. The government of the Russian Federation will create guarantee fund at the end of 2013 - the beginning of 2014. The fund will issue guarantees on the loans which the credit organizations will grant to subjects of small and medium-sized enterprises. This system is an additional measure for support of subjects of small and medium enterprises.
 
The central Bank can consider a question of including guarantees of federal guarantee fund in ensuring the 1st category of quality within position of the Central Bank № 254-P "About an order of formation by the credit organizations of reserves in connection with possible losses in loans, in the debt loan and equated to it". This action will positively affect the size of reserves which the credit organizations form on the credits for small and medium business.
 
"The bank of Russia is ready to consider a question of application of the simplified order of refinancing of the credits which are provided with guarantees of federal guarantee fund. The bank obligation about application of standards of crediting of subjects of small and medium enterprises can become a factor of that the bank will be a part of the program of guarantees of federal guarantee fund. "The association of the Russian banks and Association of regional banks of Russia with the assistance of Bank of Russia at present develops standards of crediting of subjects of small and medium business," the representative of the Central Bank Russian Federation ITAR-TASS reported.
Source: ITAR-TASS

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