VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
ARCHIVE OF THE OFFICIAL SITE
OF THE 2008-2012 PRIME MINISTER
OF THE RUSSIAN FEDERATION
VLADIMIR PUTIN
“I would like to draw your attention to the fact that the existence of the gold and currency reserves, the Government's reserve funds, enables us to address these problems - and I would like to stress it - with due regard for the interests of the population. Unlike in the former crises, we are not acting on impulse, we are not making abrupt decisions like other countries have to do in order to cope with the negative phenomena. We consciously use the sovereign wealth fund, the Government's reserve fund, so that people may decide without undue haste what to do with their savings, so that they do not wake up tomorrow to discover that all their savings have been devalued. We act thus so that people understand the development trend and can independently decide what to do. We will always show this sort of responsible attitude to the country's citizens.”
"The use of maternity capital to pay mortgages. This norm should become effective in January 2009. We'd like everything to start working in the first half of January."
"The Government approved decisions on additional assistance to the citizens with mortgages. The idea is that we need a system of state guarantees to be provided through the Agency for Housing Mortgage Lending, so that the people who bought housing with a mortgage but have lost their jobs because of the economic crisis, or lost a considerable part of their income due to decline in the operation of their companies, will be freed in 2009 from payment of mortgage loan interest, or payment of the principal debt due in 2009."
"To support liquidity, the Central Bank will give other banks an opportunity to refinance mortgage obligations guaranteed by the Housing Mortgage Agency, which boils down to government guarantees, as I said yesterday. That will enhance economic liquidity. More than that, the Housing Mortgage Agency will extend its practice of redeeming standard mortgage credits in direct support of banks active in mortgage loaning. That means private creditors will receive support, as well."
"Even at the start of next year, private persons will be able to use maternity capital for interest and mortgage payments. This requires legal and budgetary amendments - a measure that takes time but shall be urgently implemented. The population needs it no later than January 2009."
"We ask banks to reschedule private clients' mortgage payments for next year. This is all the more practicable as bankers know what their clients can afford. In compensation, bankers should be entitled to rescheduled payment guarantees from the Housing Mortgage Agency."
"As for the banks' demands of early clearance of mortgage loans, it is basically a civil law issue. If your loan agreement contains a recapture clause stating that, if the collateral value drops, the bank has the right to require additional collateral amount, then the bank's demand is formally legitimate. Usually banks ask their clients to repay part of the principal loan. However, banks really shouldn't be doing this, because they end up with the same problem as their borrowers: property as collateral. The bank won't be able to liquidate an apartment easily now."
"I think the Government could issue state guarantees to banks through the Agency for Housing Mortgage Lending. The banks could use these guarantees to solve their financial problems rather than "terrorise" their customers. I think it would be the best solution for all."
“In addition to this, we are ready to purchase more than 40,000 standard flats which are either completed or about to be finished. We will earmark nearly 83 billion roubles for this purpose. By doing so we will help more than just our construction companies, but this particular sector of our economy. First, flats will be given to army service personnel and citizens residing in hazardous dwellings. Second, we will create a guarantee that the buildings which are under construction will be completed. This means that the people who invested in the construction will receive their flats.”
“We will continue making housing more affordable and helping people as much as we can. In this context, I suggest doubling to two million roubles the tax deduction for citizens who are buying or building flats. Let me explain. In this case, a family will save up to 260,000 roubles in taxes rather than up to 130,000 roubles. By way of exception, I consider it possible to make this measure retroactive because of its importance. Let us introduce it from January 1 of this year. This means that the income taxes for those who bought or built housing after this date should be recalculated and they should be reimbursed for the difference from the budget.”
