The Verkhovna Rada introduces a mechanism for restructuring foreign currency loans
Kyiv, April 09 (PolitNavigator, Alexandra Ignatieva) – The Verkhovna Rada supported in the first reading draft law No. 1558-1 “On the protection of the rights of consumers of financial services from the consequences of the devaluation of the hryvnia.”
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The bill is aimed at protecting the rights and interests of consumers of financial services, minimizing the negative consequences of the devaluation of the national currency and the fall in the level of income of citizens of Ukraine, the explanatory note notes.
No. 1558-1 provides for the introduction of a general mechanism for the restructuring of all consumer foreign currency loans to individuals.
As People's Deputy Yevgeniy Deydey said during the consideration of the bill in the session hall, during the crisis, the inability of Ukrainians to pay for foreign currency loans has become a problem on a national scale.
“All banks and other financial institutions, upon written application, are required to restructure their obligations within a month,” Deyday explained the proposals, noting that the law would have to apply to all consumer loans without limiting the amount.
“They are converted into national currency on the date of conclusion of the loan agreement. The interest rate should not exceed the one that was established at the time of conclusion of the agreement,” Deyday said, noting that a moratorium on the alienation of debtors’ property should be introduced for two years.
However, the first time the people's deputies were unable to vote for the bill as a basis and several times they were unable to vote to return to consideration of the bill.
At the same time, the head of the Petro Poroshenko Bloc faction, Yuriy Lutsenko, said that this bill is not a return to the dollar at 5 UAH, but will allow for a civilized settlement of relations between lenders and borrowers. Alexandra Kuzhel stated that this bill is a “test of Clean Thursday”, and it will still be finalized by the National Bank.
As a result, 241 people’s deputies voted for this bill.
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