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9 Apr, 12:15

Bank of Russia sees no ‘bubble’ in mortgage loan market — Central Bank chief

According to Elvira Nabiullina, the measures were taken in time

MOSCOW, April 9. /TASS/. The Bank of Russia does not see a "bubble" in the mortgage loan market and no concerns are in place that it may appear in the near future, Governor of the Central Bank Elvira Nabiullina said when speaking in the State Duma, the lower house of the Russian legislative assembly.

"Our assessment of the situation in the mortgage market is that there is no 'bubble.' We do not have concerns that it will appear in the foreseeable time. This is because measures were taken in time. The arrears you speak about is the arrears when there is a 30-day delay in loan repayment but the people very often return to the repayment schedule after 30 days. When problems appear, we monitor the 90+ [day] arrears, when an individual cannot service a loan during three months," Nabiullina said.

The regulator is keeping an eye on arrears in mortgage loans, she stressed.