Banks awaiting details from Central Bank of Russia regarding concessions on loans for infrastructure protection - Sberbank CFO

MOSCOW. Oct 9 (Interfax) - Russian banks are awaiting details from the Central Bank of Russia before they start easing conditions for loans taken out to protect infrastructure from attacks, Sberbank CFO Taras Skvortsov told Interfax.

"We have a lot of specific questions: how it is applied, for which loans, under which conditions, and so on. It is currently very difficult to give an assessment [of the new measures]. I can say that it will not be substantial. This is more likely to be a question of a higher priority and more amenable attitude from banks for this type of loan. In order for us to start acting already, we need to get more details on these concessions," Skvortsov said.

The CBR board of directors was previously reported to have permitted banks to use reduction coefficients in credit risk calculations for loans issued to fund projects to protect critical infrastructure from air attacks.

The reduction coefficients have been set at 30% for investment-grade borrowers and 50% for other borrowers. The CBR has also permitted macroprudential surcharges to be waived for this category of loan. This decision extends to legal entities taking out loans as well as regions and municipalities, and will be effective from the moment of its publication until December 31, 2026 inclusive.