Verkhovna Rada adopted 365 votes in the first reading a bill № 3524-1, prohibiting financial institutions - credit unions and finance companies - to unilaterally raise the interest rates on loans granted. A similar ban for banks was adopted in the beginning of the crisis - December 12, 2008. Approved changes in art. 1056-1 of the Civil Code stipulates that if the financial institution will prescribe the loan agreement the right to change their own rate, then this stipulation will be considered invalid. Institutions are forbidden to change the size not only rates but other payments under the contract or schedule of repayment.

If the borrower does not agree to increase payments, the institution may not require him to prepay debt and to break the loan agreement. Due to the fact that the bulk of loans were issued in 2007-2008, the ban on raising the rates would be applied to existing treaties, noted author of the project, a deputy of the faction “Our Ukraine-People”s Self-Kirill Kulikov. This 338 MPs yesterday decided to adopt the document as a whole as the law is already on 21 January.

According to the Financial Services Commission, on September 30, 2009 in the State Register finuchrezhdeniy were 821 credit union, 29 other credit institutions and 29 legal entities of public law. The assets of credit unions for 9 months of 2009 amounted to 4.5 billion UAH, capital - UAH 1.03 billion, loan portfolio - UAH 4.02 billion, a deposit - 3.93 billion UAH.

market participants are not admitted that increased the rates on loans without the consent of the borrowers. “We welcome the decision by Rada, because it is wrong when people take relatively cheap credit, and then they raise the stakes. Although the part of borrowers, credit union complaints have been received,” - said president of the National Association of Credit Unions Peter Kozinets. According to the chairman of the COP “Kreditstal Yuri Kovalev, institutions need to raise rates only to new contracts. “Despite all the conditions, the loan agreement must be executed exactly as it was signed. Banks have begun to raise rates on loans due to the fact that they themselves had to pay on loans. Dollar appreciated, and they decided to do so at the expense of borrowers &quotd7e;- sure Kovalev. “We very rarely go to raise rates, this is usually a supplementary agreement”, - noted the chairman of the COP “Osvita Anastasia Duca.

Unofficially, market participants have confirmed that sometimes changing credit conditions unilaterally. “Now all the unions urgently need money, so in order to attract new deposits rates on deposits are higher. At the same time, almost no new loans are issued, and the unions began to raise rates on pre-existing treaties, to really pay off depositors,” - chairman of board one of Credit Unions.

Elena Gubar

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