Leonid Vekshin, the AHML’s deputy director general, has been recommended for the post of company president, while Nina Smirnova, the managing director of MRG Laif, an insurer, will take up the same role in the new organization. The first loans with a 10 percent premium will be issued by the summer, according to AHML plans. “The insurance company will compensate banks for their losses if a bank cannot retrieve the value of a loan when selling a property it has reclaimed,” explained Alexander Semenyaka, the AHML’s general director. Currently banks are only offering loans for 70 percent of a property’s value, but mortgage insurance will allow them to increase this to 90 percent of the value, as it was before the crisis. The difference of 20 percent and the associated risk is being transferred from the bank to the insurer, explained Semenyaka.
In order to minimize any conflict of interest between the AHML and its insurer, the board has recommended offering the Association of Russian Banks and the National Insurance Guild the opportunity to become cofounders of the subsidiary. Their representatives could not be reached for comment.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.