Despite the enthusiasm of developers and the Ministry of Regional Development and Construction, the head of NBU Volodymyr Stelmakh signed the document will not.

in a PT was the draft decisions of the Cabinet of Ministers, which is requested to approve the implementation of soft loans for housing and other facilities.

According to the document, provided by the National Bank concessional lending by banks to refinance long-term compensation for the difference between the rate on the loan and the current market rate with a maximum term of up to 1 January, 2012 After receiving the required documents the bank loans within a week of taking the decision to grant credit, and money transfers after the refinancing of the NBU.

If the developer would not be able to return the soft loan contract within the specified period of time (lending banks are not allowed to build a reserve to cover risk on the mortgage loans), the bank gets the property rights to build housing, but could later sell it. In doing so, he may sell the housing and gosvlasti bodies, local government or State Mortgage Institution, but the total costof housing will be calculated at the lowest price compared to market and cost for its construction. Builders same in filing the required documents can provide a cost-effectiveness by 15%.

Even when discussing the draft National Bank categorically opposed separate standards document. In particular, it was proposed to remove the item from the document which provides compensation at the rate of credit, as well as the deletion of the rule does not allow to form a pool of mortgage loans, since it contradicts the norms of NBU. But all of these comments were ignored by the developers of document.

In

National Bank and is not willing to provide refinancing to commercial banks to continue lending to developers. As explained by one of the members of the Board of the NBU, the document contains the requirements for refinancing banks, which are contrary to the banking law.

For example, asked to rid the banks of the need to build reserves for credit risks associated with financing of developers. It is fundamentally the wrong approach, because the construction of real estate there is no specific buyer - said officer .- If developers are unable to timely comply with its liabilities to banks (for example, will not be able to realize the housing built in full), and banks will be obliged to return the NBU refinancing - which will take the money? .

In addition, the requirement of Cabinet, the NBU to compensate for the difference between the market rate for lending and discount rate of the National Bank of Ukraine (NBU on which commercial banks are not refinansiruet - the real rate is higher by 6-7%), contrary to logic and law, under which the National Bank is not responsible for the obligations of kombankov.

embarrassed officials with the institute and the need to print money to finance construction and other infrastructure projects. In a crisis long-term investment in the product or service without quick and real output only increase inflationary pressures in the economy falling. Depression economy only increases investment in the industry, far away from the real needs of people. As a result of implementing such projects, we do not receive a positive influence the development of production, but only grow unsecured trade money supply, which will lead to inflation , - said Deputy Head of NBU Alexander Savchenko.

According to the PT, NBU head Volodymyr Stelmakh will not sign the draft decree, if the recommendations of the National Bank will not be taken into account.

Sami developers to document relate positively. If an order is actually working - it will save many construction companies, as now attract credit for the construction of any facility extremely difficult.

another matter that the Government can take such a decision, but the banks even at the new conditions will not want to lend to developers because of the lack of safeguards. The risks of not lending enough, and even housing dostroennoe banks do not have to, because they sell it can only state, - said the head of one of the major construction companies.

In turn, bankers say that they are refinancing a loan program would be of interest to builders. Ready housing demand in the market despite the crisis, so if banks will lend to completion of the degree of readiness of 70% or higher chance of return of investment is very high, - said predpravleniya Bank Khreschatyk Dmitry Гриджук.

Even if developers are unable to realize the constructed property, it will pass into the ownership of the bank (as the object of pledge), and finance will be an opportunity to refinance the debt for such facilities.

Question of the bankers is only a mechanism to determine rates on loans to developers. If the draft ordinance allows them to obtain 15%-ing the profitability of the facility, why theBank has profit only at the level of 2%, - said chairman of the bank to the Ukrainian capital. According to him, the margin of the bank in the scheme should not be below 5% - in this case, lending conditions will be objective.

According to the draft, provided by the National Bank concessional lending by banks to refinance long-term compensation for the difference between the rate on the loan and the current market rate with a maximum term of up to 1 Jan., 2012

Alexander Dubinsky, Maxim Shpachenko

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