Unjustified Risk

Журнал CRE #263 Октябрь2015
The Central Bank made the decision to stiffen requirements for pension funds invested in real estate. A short time ago the Bank of Russia posted its plan of fourfold reduction of such investments. The market players tried to see whether this initiative coming into force in December 2015 will affect the commercial real estate market in the future.

The CB project anticipates the reduction of investments in mortgage participation certificates (MPC). Now their limit is 10% instead of the earlier permitted 40% and only the funds admitted to the guaranteed savings system may be invested in MPC. Other funds will have to shed these papers.

Originally the MPC instrument was to replace mortgage bonds. The underlying idea was securitization by banks of the pool of mortgage loans issued for natural persons to leverage the home buy and...
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