Azerbaijan, Baku / Trend corr A. Badalova / Adoption of the Bill on Consumer Credit can lead to creation of alternative crediting system operating via non-bank organizations, according to economist of the analytical department of Russia's ATON investment company, Vladimir Osakovski.
The Russian Finance Ministry has developed a new version of the Bill on Consumer Credit. It will be enacted only in credit organizations. Within the recent year and a half the Finance Ministry repeatedly re-wrote the bill due to different claims from other ministries and departments. Developers of the new version suggest enacting the law only in banks and to name 'consumer credits' the only credits allotted funds. But, according to the participants of the market, the bill can lead to creation of an alternative crediting system in Russia operating via banks.
"Apparently, if the process of consumer crediting is put within strict regulation frameworks and it takes effect only in bank organizations, it will be very logical to expect creation of different ways of evasion of the law via creation of non-bank organizations by banks which will allot these credits," Osakovski said.
According to him, the scale of the process will depend on how strict the requirements are of this bill. "If the law will deal only with regulating the current situation and formalization of allocation and accounting of consumer credits, this supposed alternative (if it occurs) will be of marginal character covering only a range of small banks. But if the requirements are too strict, the circle of interested banks will dramatically extend," the expert said.
"At the same time, I do not think large banks of Russia and moreover foreign banks will get interested in any such crediting schemes, even if they have experienced additional expenses," he added.