Direct speech
Mikhail Nikolayev, Deputy Speaker of the Federation Council, former head of the Republic of Sakha (Yakutia):
"Mortgages will follow along with what he says in a while. The Central Bank has already cut the refinancing rate to 9%. Banks will add 2% to 3%. And the result comes really close to what he has said. The main issue is that the proportion of mortgages is too small. How many apartments can you build if you have 2.5 billion roubles and one apartment costs 2.5 million roubles? The amount can be increased by earmarking additional funds that people will be able to get at lower interest rates and to buy apartments at lower prices. The rates and prices are currently unreasonably high."
David Yakobashvili, chairman of the board of directors of Wimm-Bill-Dann:
"They will have to submit to him. This is what it will come to. No companies can cope with such loan rates: 20%, 30% or 40%! Mortgage interest rates are a bit lower but the money is invested in housing rather than in doing business.
"People who apply for mortgage loans more often work for an employer rather than for themselves. In Western countries mortgages are provided with an interest of 1.5% to 2.6% or of 4% to 4.5%, which is the worst case. And still the rate is much lower than that in Russia. The 11% that was mentioned before seems reasonable and affordable for our people."
Bari Alibasov, popular music producer:
"They will follow what he said as the downturn did. As far as I remember, the government declared Russia an island of stability. And the result was that Russia was tossed to and fro like no other country. Vladimir Putin will possibly work his magic on mortgage."
Ralif Safin, member of the Federation Council:
"Yes, they will. I understand what the government and the president are doing, there is something I would doubt, but the incumbent authorities do have a clear development plan for the next 15 to 20 years. The problem is that few are concerned with the country's development at the middle and lower authority levels. Despite it being done very reluctantly, the situation is changing."
Sergei Galitsky, co-owner of the Magnit chain stores:
"Everything is possible in this country. If we believe that we have a market economy, then markets will not react to sensational statements made and the authorities' orders. However, there are state banks that may cut the mortgage interest rate. But this would be a forced reduction. It would be great if the government used subsidizing mechanisms to make state-controlled banks cut the rates. Without such mechanisms there will be no reduction regardless of what the prime minister wants."
Gennady Seleznyov, speaker of the 2nd and 3rd State Duma:
"I doubt that they will go as he said, one order will not settle the problem. I realize that Sberbank and Vnesheconombank can cut the rate to 7% if they receive the funds from the budget for this purpose. Commercial banks are not capable of doing this and they are not obliged to operate by making sacrifices."
Andrei Khazin, deputy chairman of the Federation Council Committee for Economic Policy, Business and Ownership:
"If the government is regulating the market reasonably, the mortgage interest rates may possibly decrease in half a year. However, we should not expect a sharp decrease considering the high risks that banks are bearing when providing loans for Russia's economy. The government may have a strong influence over them but it needs reasonable policy for this, first of all, for the Central Bank."