Subsidies for shipbuilding loans decelerated by lack of legislation on capture quotas turnover

March 31, 2010 09:17
The lack of legislation concerning the possibility to pledge capture quotas against shipbuilding bank loans has been decelerating issue of subsidies for the bank interest rates, reports http://www.megafishnet.com/ (https://www.fishnet.ru/) with reference to Rugrad.

More specifically, bankers say that the market of capture quotas has not been formed yet and the quotas will remain illiquid property with the bank loans to be hardly issued against such pledge.

In the meantime, the fishermen say that at present the capture quotas have been actively resold both in Russia and abroad. Besides, now the nation's government has been preparing amendments to the Federal Law on Fisheries according to which the capture quotas could be declared a pledge property when applying for a bank loan. Bankers are now willing to consider the amendments and take part in their development. They also say that under such conditions they will get the opportunity to participate in crediting the fishing companies.

At present there is a federal program on subsidizing the interest rates of shipbuilding loans in the amount of two thirds of the refinancing rate of the Central Bank of Russia. However, as the companies have been not able to guarantee the loans by pledge satisfactory for the banks, the subsidies fund has remained practically untapped.

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