Page 96 - RusRPTApr21

average monthly income needed to cover both the interest and principal of loans — climbed to 11.7%, Elizaveta Danilova, head of the Central Bank’s financial stability department said Friday at a conference. That was up from under 11% before the coronavirus pandemic, she added, but said the increase was not a cause for concern. The Central Bank also noted a surge in mortgage lending throughout the pandemic on the back of falling interest rates and a government-backed cheap mortgage scheme. Mortgage repayments now account for around a fifth of Russians’ monthly debt repayments, Danilova said. Russian banks have been required to calculate borrowers’ personal debt burdens since a surge in short-term payday lending with high interest rates in 2017-18 spooked regulators and the government.
Number of operating credit institutions. As of February 28, 2021, there were 405 credit organisations in Russia (including 364 banks), including 12 SZKOs, whose share in the assets of the banking sector, taking into account their subsidiary KOs (another 20 KOs) is more than 75%. The share of other large CRs from the top 100 is about 20% of the sector's assets, including 5.3% - large NPOs (including the National Clearing Center). In February 2021, the Bank of Russia cancelled the license of one small CR with a share of less than 0.1% in the sector's assets.
Almost a third of Russians (30%) are putting aside part of their income for a rainy day, according to the results of a survey conducted by the Rabota.ru service, reports Vedomosti. A year earlier, according to the results of a similar survey, 28% of Russians were saving money. Moreover, 64% of respondents last year said they plan to start saving in 2021, but, judging by the study, he majority failed to make the change.
Rabota.ru also found that 21% of those respondents who save money spend put aside 30% of their income, 6% save between 30% to 50% of their income, and 3% save more than 50%. At the same time, the majority of respondents (42%) indicated that they already have savings, 25% are saving for a trip on vacation, and 24% are saving to buy an apartment. Every fifth respondent (20%) said that they save money for repairs, 18% save for children, 16% to buy a car, and 13% for medical treatment.
Every eighth Russian (12%) saves money for tuition fees, and every tenth (10%) for the purchase of new clothes or shoes, 8% want to buy either a smartphone, or a laptop, or a computer, 7% save to buy household appliances, while 5% of respondents say they are putting on saving in order to be able to enjoy a comfortable summer cottage season.
According to a study by insurance company Rosgosstrakh Zhizn and Otkritie Bank , the share of Russians with savings during 2020 increased from 36% to 40%. And a survey of the research company Romir showed that in January of this year, the index of disposable income (funds that remain with the household after purchasing the necessary food, everyday goods, paying for housing and communal services, transport and other services) increased by a record 82% compared to December 2020 and 22% compared to last year's January.
According to the Institute of Applied Economic Research of the
96 RUSSIA Country Report April 2021 www.intellinews.com