Such mortgage restructuring mechanism was approved by the management of 19 largest Ukrainian banks / Photo from stroyobzor.ua
The Ukrainian Finance Ministry proposes that Ukrainians be allowed to restructure under new conditions about UAH 20 billion in mortgage debts accumulated due to the devaluation of the Ukrainian hryvnia.
This is outlined in a package of bills prepared by the ministry and presented by Ukrainian Finance Minister Natalie Jaresko at a government meeting.
According to the minister, the proposal refers to the restructuring of the mortgage debt with the balance not exceeding UAH 2.5 million as of January 1, 2015. At this, Jaresko noted that such loans are estimated at UAH 20 billion and account for about 40% of the total sum of mortgage. The restructuring process provides writing off 25-75% of the mortgage amount, and in some cases it will be 80-100% of the mortgage debt, for example, for participants in the Anti-Terrorist Operation, which is now under way in eastern Ukraine.
Such mechanism was approved by the management of 19 largest Ukrainian banks, Jaresko said.
The Finance Ministry submitted the package of the bills for consideration by the Ukrainian government. If approved, the documents will be tabled in parliament.