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Banks Working on Restructuring Bank Loans

Banks responds to the Prime Minister of Georgia who urged to understand the position of citizens affected by fluctuations of the national currency and now have to spend more to cover the loans taken  in US dollars.

According to bankers, they are already working with clients on restructuring their debts.

In particular, “Bank of Georgia” says  they started restructuring immediately after the National Bank had called the country’s financial institutions to prepare an action plan to ease the debt burden of the population.

“Restructuring in itself is an extension of the loan repayment, and allows citizens not to increase the size of monthly payments. Our customers constantly ask us to extend the term of payment, and we always meet their wishes. With regard to statistics, it is too early to sum up results, “- say in the” BofG”.

“BasisBank” claims that the restructuring process has already begun, appealability  from customers is average.

“Those who benefit from the delay – ask about it. But sometimes the amount is not so significant to carry out its  restructuring. Requests from clients for which the delay is needed are  always satisfied,”- say in the bank.

According to “TBC Bank”,  the restructuring process is already underway.

“For more than two weeks, we offer delays for our customers who have been affected by fluctuations of the national currency,” – say in  “TBC Bank”.

“Liberty Bank ” representatives say  that the lari’s  fluctuations have not greatly affected their clients, as most loans are  denominated in the national currency.

“With regard to loans issued in foreign currency, it is mostly business loans, and now we are actively working on their restructuring,” – say in the bank.
At a meeting with the heads of commercial banks  held on February 25, President of the National Bank George Kadagidze recommended bankers to develop a plan to alleviate the debt of citizens who have loans  in foreign currency and income in the lari.