Ukrainian banks, jointly with the Independent Association of Banks of Ukraine (IABU), have drawn up a single concept on restructuring currency-pegged credits for housing purchases, IABU CEO Olena Korobkova said at a roundtable talk devoted to the first results of the bank currency-pegged credit restructuring campaign.

"The banking system has finally come to the common view of restructuring of currency-pegged mortgage credits. The concept of the draft law covers all classes of borrowers with credits which as of January 1, 2015 exceed UAH 2.5 million," she said.

The restructuring mechanism foresees the replacement of the currency under the NBU exchange rate as of the date of restructuring and the write-down of a part of the debt to borrowers with apartments in the amount of at least 25% and 50% for borrowers with a social apartment or house: an apartment with a gross area of up to 60 square meters or a house with a gross area of up to 120 square meters.

For people with disabilities of the first tier, Anti-Terrorist Operation (ATO) participants, veterans, families with several children and a child with disabilities of the first tier with one apartments – at least 50% and with the a social apartments – at least 70%. For ATO participants who became disabled under the first tier with one apartment – at least 80%, and with the social apartments – 100%.

The 100% write-down is foreseen for the dependents of deceased ATO participants.

The credit rate for restructured credits is fixed for three years in the amount not exceeding the rate in the currency credit agreement at the moment of its issue, and then at the level of the Ukrainian hryvnia-pegged deposit rate index (for 12-month deposits) plus 3%.

The concept also foresees lifting the moratorium on currency credits in six months after the law takes effect.

The credits could be restructured only if it is issued to buy the only apartment or the only social apartment, or to buy a land parcel to build a house, which would be the only dwelling of the borrowers.

The borrowers must not have overdue debt as of January 1, 2014 or the debt is to be paid before the restructuring date. The credits could be restructured as of July 1, 2015 if there was the unpaid overdue debt for the period of no more than 30 days.