The explanatory note states that the adoption of the bill is due to the need to take quick action to ensure financial stability in the country, the restoration of public confidence in the banking institutions and the state in general, to maintain economic growth and ensure compliance with the constitutional rights of citizens.
The bill provides a mechanism for solving problems concerning individuals who have obligations under the contract of consumer loans obtained in order to purchase real estate.
In addition, the state should admit its guilt in the impossibility of ensuring the stability of the national currency and helping the people.
According to the explanatory note, the mechanism proposed by the bill is a compromise and distributes financial responsibility between the state, banks and individual borrowers.
"The provisions of the bill provide an opportunity to individuals to reduce the burden on the family budget, reduce the payments," the note says.
The bill states that all banks and other financial institutions that operate in the territory of Ukraine, at the written request of the citizens of Ukraine who have outstanding obligations under the loan agreements in foreign currency, shall within one month restructure the obligations under the loan agreement.
According to the bill, all consumer loans received for the acquisition of any property, without limitation of debt are subject to the restructuring.
Consumer loan is a right to claim assigned to another person (if it is not a financial institution), is performed by a borrower or guarantor for the price of concession.
Consumer debt is converted at the official exchange rate of the National Bank on the date of the loan agreement conclusion. Exchange difference is written off by banks.
The interest rate on the loan after restructuring shall not exceed that which was established before the restructuring.