The Central Bank tested large banks issuing a mortgage: the crisis scenario of 2008 will withstand

The largest Russian banks in the mortgage market will withstand the repetition of the crisis scenario of 2008, which was characterized by a decrease in the incomes of the population and real estate prices, indicate the results of stress tests of the largest mortgage banks, which are given in the review of the financial stability of the Bank of Russia for the IV quarter of 2013 - I quarter of 2014.

The regulator in order to monitor this segment organized a working group with the participation of five banks, which account for more than 72% of the mortgage market. A stress testing of a portfolio of mortgage housing loans was carried out in accordance with various scenarios, including in accordance with the scenario similar to the crisis of 2008-2010, RIA Novosti reports.

The Bank of Russia intends on a regular basis - once every six months - to carry out specialized stress tests, as well as conduct surveys of the largest banks.

"The results of stress testing as a whole indicate the stability of banks in the event of a crisis scenario. The decrease in system risks is also facilitated by the diversification of business strategies of the largest banks in assets (the share of credit mortgage portfolio in the assets of the largest banks is 5-20%), as well as a sufficient level of own funds (capital)," the review said.

At the same time, the regulator notes that during the reporting period there was a noticeable acceleration of mortgage lending growth rates - up to 31% in annual terms, although the specified growth is largely catching up. At the same time, the volume of mortgage loans exceeded three trillion rubles, but the level of overdue debt in this segment is the minimum - about 1%.

The Bank of Russia is somewhat concerned about the fact that almost half of the debt falls on loans with the value of LTV (the ratio of the value of the pledge to the loan amount - approx. Ed.) - more than 70% - and that since 2013 there is a significant increase in the volume of loans with LTV in the amount of 80-90%, which may indicate both the mitigation of mortgage lending by banks, and increasing the demand for demand for demand Mortgage on the part of borrowers with increased credit risk.

"A significant share of loan debt, which comes to loans with a high value of LTV, may in the future become a source of systemic risks in case of a significant reduction in real estate prices and population incomes," the regulator warns.