Because of the impossibility to pay off credits Ukrainians are taking desperate steps...

Mass Medias started to inform that because of the impossibility to pay off the loans people are taking desperate steps, including robbery and suicides.

How will the situation develop? Will the banks meet debtors half way? Or will they continue to withdraw mortgage property and securities...

Head of the Main Service of social and economical development of the Secretariat of the President Roman Zhukovskyi:

- We spoke to representatives of the biggest banks. They told us that under condition of the rate of UAH 7.5 per $1 there will be about 25% of non-payments for credits. As for today, about 20% of loans are overdue.

The situation will worsen with every rise of foreign exchange rate.

As for today, the debt for credits may make about 60%. Banks should do anything. The Secretariat of the President together with the Ministry for Finance proposed to share exchange risks between clients and banks.

If suggestions of the Secretariat of the President were taken negatively in the very beginning, then later they were met in quite reserved way. Banks have understood that the situation should be improved by common efforts

Oleksandr Zholud, economist of the International research center:

- The number of overdue credits will increase in any case, and banks will get more mortgage property. Consequently, the banks will have to sell this property to return their money. But under the conditions of the crisis, when the property prices keep dropping, it is not very profitable for banks to sell securities.

If a sold property brought more money than a debtor owes, the difference will be returned to the debtor. But in the most cases banks take back more money than the real amount of a loan. It means that banks take a fine for refusal to continue cooperation and for canceling the contract.

It turns out that people will lose their property, deposit and paid percentage.

Kateryna Skritskaya, director of debt collector service:

- Almost 70% of debtors have no possibility to pay off their loans, and collector services have a lot of work to do.

The system works as follows:

First, banks call debtors and remind about the pay-off. If it does not help, banks send collectors who inform people about their debts and deliver corresponding documents.

If it still does not help, collectors appeal to court to take money or securities.

Unfortunately, people's incomes have decreased, and it is very difficult to sell out mortgages or securities, a car for example.

It is not profitable for banks to confiscate mortgage property or securities. It is necessary to work out a scheme, which would ease the pay-off procedure for debtors. It is more advantageous for banks to meet debtors half way.

Ksenia Lyapina, Our Ukraine deputy, economist:

- It is not profitable for banks to confiscate mortgage property or securities, as they cannot sell them out. On the other hand, we cannot forbid the banks to withdraw securities for non-payment, as the loan means were taken from people's deposits. In other words, we will punish those who deposit their money in the banks.

The only way out is to balance the situation - to give a possibility to prolong credits and give a financial support for the crisis period. When the situation stabilizes and people get normal salaries, the question on pay-offs can be raised again.


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