Borrowers with currency credits could have credits settled if 115% of principal of debt is paid - MPs
The Ukrainian parliament at second reading of draft law No. 1558-1 on restructuring liabilities on foreign currency-pegged credits has included a requirement on the beneficial payment of the currency-pegged consumer credit if the borrowers paid 115% of the principal of the debt during the whole period of the credit servicing.
"If during the period of using the consumer credit before the law takes effect, the total sum of payments settled by the borrowers under the consumer credit agreements exceed the principal of the debt by 15%, liabilities of the borrowers to creditors are considered fulfilled," reads the draft law which has been posted on the parliament's website.
A draft law on the forced conversion of all consumer credits at the exchange rate that was in effect on the day when the credit was taken was submitted to the parliament.
The National Bank of Ukraine and commercial banks criticized the document.
On April 10, the lawmakers supported the draft law at first reading and on May 21 the document was passed at second reading, although Leader of Petro Poroshenko Bloc Yuriy Lutsenko and Speaker Volodymyr Groysman managed to insist on postponing its final approval for third reading.
