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Banks not interested in lending to real sector
RBC, 19.11.2009, Moscow 13:38:00.Banks' interest in extending loans to the real economy sector will remain low not only in Russia, but in the whole world, chairman of MDM Bank's board of directors Oleg Vyugin told journalists today. He pointed out that lending was not increasing in the world even despite lower interest rates and the central banks' option to refinance loans. "Lending funds to the real sector is a sphere that will continuously see low interest from banks," Vyugin stated. The chairman is also skeptical about the Bank of Russia's forecast regarding an increase in the amount of lending to the real economy sector within the next month. Vyugin explained that the regulator's expectations stemmed from the new program on extending loans with state guarantees. Yet, the program targets primarily state-owned banks. "State guarantees may allow banks to avoid making loan loss provisions, but they do not eliminate risks," he stressed.
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