Applications for Pandemic-related Repayment Holidays Drop 50%

Banks posted a 50-percent decline in filings submitted by households for repayment holidays due to the coronavirus pandemic-related reasons in June, Director General of the Equifax credit reference agency Oleg Lagutkin told TASS.

“In the second half of June the number of restructuring applications halved compared with the first half of June to around 14,000 applications. Amid the current environment that trend may be expected to persist in the coming weeks,” he said.

Banks have green-lighted 65%, or 225,000 repayment holiday applications due to coronavirus-related reasons since the beginning of the pandemic, Lagutkin added.

“Banks have received 346,000 restructuring applications from individuals. Out of the total number of applications, loan repayment holidays have been approved for 65% of the applications (225,000),” he said.

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