DELTACREDIT MORTGAGE FINANCE
Non-depository Credit (non bank)
15 Jan 2002
26 Oct 2001
The EBRD proposes to lend €22.2 million to DeltaCredit Bank, Russia which will make residential mortgage finance available to individuals in Russia. The project will support DeltaCredit Bank’s efforts to develop its mortgage loan business by providing on-lending funds for the expansion phase. Eligible borrowers will be able to obtain long-term financing to purchase residential property in Russia.
The development of mortgage finance for private individuals is an important element of transition to a market economy. A thriving mortgage market can assist the growth of a Russian middle class and can act as a model for similar projects in the financial sector by supporting the advance of this fundamental retail banking product. In terms of development of financial markets, mortgage finance is a key element both as a core, reliable banking asset and as an instrument for securitisation.
DeltaCredit Bank, Russia is the newly established residential mortgage vehicle of the US-Russia Investment Fund (TUSRIF).
Loan of US$ 20 million (€22.2 million).
US$ 20 million (€22.2 million).
The project has been classified as a financial intermediary (FI). The environmental risks associated with the operation and the potential portfolio are low. DeltaCredit Bank will need to ensure that an issue of potential site contamination and compliance with the applicable national environmental, health and safety standards are included in the set of criteria when assessing the quality of collateral for the mortgage loans.
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