December 20, 2017 / 12:06 PM / a year ago

Russia banks face issues with real estate loans, collateral

MOSCOW, Dec 20 (Reuters) - Russian banks face issues related to their lending to commercial real estate projects as well as inadequate valuation of their collateral, the Central Bank’s Governor Elvira Nabiullina said on Wednesday.

Nabiullina said some of these loans to real estate companies were denominated in foreign currency.

Since late August, the Bank of Russia had to bail out three large private banks, pointing at their weak balance sheets. (Reporting by Denis Pinchuk; Writing by Katya Golubkova; Editing by Andrey Ostroukh)

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