Bank to raise interest rates on all loans
In the autumn of Russian banks may increase the cost of loans to businesses and households. Rates may rise by 0.5-2 percentage points, experts predict. It is the hardest hit by small and medium-sized businesses.
The Bank of Russia since the beginning of the year three times raised the key rate in March – from 5.5 to 7%, in April – up 7.5% for the last time – July 25 – to 8%. Following the regulator will raise rates and banks. This warning analysts and banks. “Given that the increased cost of funding, of course, that the banks will raise rates and on loans,” – says analyst “VTB Capital” Svetlana Aslanova. “The basis for the increase in lending rates is – increased cost of funding. This is due both to the introduction of sanctions against the largest state-owned banks, and the fact that the Central Bank has three times increased the key rate this year. In addition to this there is a tendency to an increase in interest rates on deposits “, – said the head of analytical department of” Sovlink “Olga Belenky.
In late July, the US and the European Union in connection with the Ukrainian crisis imposed sanctions directly affecting the Russian financial sector. The sanctions prohibit European companies and individuals to buy and sell stocks, bonds and similar financial instruments five Russian state banks – Sberbank, Rosselkhozbank, VTB, Gazprombank, VEB. And with the beginning of August, the big banks began to raise interest rates on deposits. “Globex” had an increase of 0.3-0.6 percentage points, Alfa-Bank – by an average of 0.2-0.7 percentage points in rubles and 0.05-0.5 percentage points in dollars and euros, Credit Bank of Moscow – at 0.25-0.5 percentage points 0.5 ppt increased rates of SMP Bank and the Moscow regional bank, by 0.25 percentage points – Khanty-Mansiysk Bank.
One of the first of a possible increase in interest rates on loans, said Sberbank, citing the rising cost of money in the market. This was in early August, said deputy chairman of the State Bank Alexander Torbakhov.
The representative of the Ural Bank for Reconstruction and Development (UBRR) reported that in September the bank plans to raise interest rates on loans to private borrowers by approximately 1.5 percentage points “Interest rates on loans for small and medium enterprises (SMEs) could be increased in the third quarter of this year by about 0.5 percentage points”, – said Vice President – Director of the Department on work with corporate clients Alexei Ikryanikov.
Bank “Union” in the near future may increase interest rates on retail loans by 0.5 percentage points, reported RBC director of marketing and development of the bank’s retail Pauline Berseneva products. “Zenit” Bank is considering raising interest rates on loans to individuals, the representative of the credit institution. Director of business development of consumer lending and strategic partnerships at Alfa Bank, Dmitry Zhizdyuk said that in a situation of the cost of borrowed resources will increase the adjustment of rates on consumer loans.
Took a wait Promsvyazbank, “Orient Express”, TCB, the bank “FC Opening”. Representatives of the bank “Home Credit and Finance” (HCF Bank), Sovcombank, Raiffeisenbank and the bank “Uralsib” RBC said that raising rates is not planned.
The average market rates on retail loans in the future one or two months can grow by 0.5-1 percentage points, according to Pauline Berseneva. “Enhancement can occur within one or two percentage points. But it will not once, but gradually take place, “- said the head of analytical department of” Sovlink “Olga Belenky.
Rates on corporate loans may also increase. According to the head of corporate block of one of the major banks, who preferred to remain anonymous, the rates have increased by 0.5-0.75 percentage points since the beginning of the year But a rate hike may continue and reach 1.5 percentage points, he said. “At the same increase rate as strongly dependent on the segment in which the corporate client is running.
Now rates are on average 3% + LIBOR. For oil companies, major chemical holding companies, energy companies rate could eventually reach a little more than 3% + LIBOR, for the sectors that are most exposed to pressure, eg for the steel and coal, rates could increase to 4-4,5% + LIBOR », – said the banker. The last value LIBOR was 0.56% per annum in dollars.
“Since the new year rates on ruble loans has increased significantly: for large businesses – from 8 to 12% for small – from 16 to 20% per annum. Affected industries with a long investment cycle – metallurgy, machine building, construction. Purchase of apartments, cars and technology, as opposed to food, you can always put off, “- said vice-president of” Support of Russia “Alexander Kalinin.
It also notes that small business is highly dependent on large-scale and at such rates large companies can give up many investment projects that support small business afloat. “Raising rates on loans in the first place a negative impact on the sectors with a high degree of risk, such as construction, engineering, asset management for high technology because of possible future sanctions against them in terms of exports. Without state aid and state guarantees, these industries will suffer more, “- says co-chairman of the All-Russian public organization” Business Russia “Anton Danilov-.
However, the vice-president of RSPP David Yakobashvili said that businessmen are accustomed to working in those conditions in which operate. “I think that nothing terrible happens, an increase of 1-2 percentage points hardly can somehow have a negative impact, “- he said.
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