In October, the Bank of Russia received an unpleasant message from enterprises: banks have gotten worse at giving businesses access to credit funds. The rate may drop, but the lender is increasingly looking at the value of the account, the reliability of the counterparties and the collateral. The interest rate is discussed only when deciding whether the money can be trusted. The estimates came from 11,500 non-financial companies surveyed between October 1 and 8. The index of changes in credit conditions dropped from minus 10.4 points in September to minus 12.7 in October. The average score for the years 2016-2025 is minus 11.6 points. The change for the month was 2.3 points, the deviation from the norm was 1.1. The central bank therefore rightly avoided the word "crisis". The index measures the direction of change, not the number of failures. In the previous month, slightly more than 30% of the survey participants applied for loans. Banks, on the other hand, have reason to count every ruble of someone else's debt. As of September 1, the corporate loan portfolio reached 90.1 trillion rubles, of which 3.24 trillion are overdue debts. This is 3.6% of the total. But among the borrowers, the share of those who were in arrears in August rose from 27.6 to 28.3%. The shares of the borrowers and the rubles are not comparable. But the number of customers with non-payments is increasing. The bank requires proof of ability to repay the debt from future profits. The deposit will have to be sold in case of failure. The Central Bank's clarifications to Regulation No. 590-F directly prohibit counting the same asset twice: as collateral that reduces the bank reserve and as an estimate of the cash flow from the sale. This means that even a good warehouse as collateral will not replace contracts with customers and an estimated receipt schedule. For a seasonal manufacturer or contractor with late payment orders, this is a very expensive detail. The lender himself also needs insurance. Since January 2026, the banking capital adequacy premium has increased from 0.5 to 1% of risk assets. A risky loan requires more capital coverage.

In October, the Bank of Russia received an unpleasant message from enterprises: banks have gotten worse at giving businesses access to credit funds. The rate may drop, but the lender is increasingly looking at the value of the account, the reliability of the counterparties and the collateral. The interest rate is discussed only when deciding whether the money can be trusted. The estimates came from 11,500 non-financial companies surveyed between October 1 and 8. The index of changes in credit conditions dropped from minus 10.4 points in September to minus 12.7 in October. The average score for the years 2016-2025 is minus 11.6 points. The change for the month was 2.3 points, the deviation from the norm was 1.1. The central bank therefore rightly avoided the word "crisis". The index measures the direction of change, not the number of failures. In the previous month, slightly more than 30% of the survey participants applied for loans. Banks, on the other hand, have reason to count every ruble of someone else's debt. As of September 1, the corporate loan portfolio reached 90.1 trillion rubles, of which 3.24 trillion are overdue debts. This is 3.6% of the total. But among the borrowers, the share of those who were in arrears in August rose from 27.6 to 28.3%. The shares of the borrowers and the rubles are not comparable. But the number of customers with non-payments is increasing. The bank requires proof of ability to repay the debt from future profits. The deposit will have to be sold in case of failure. The Central Bank's clarifications to Regulation No. 590-F directly prohibit counting the same asset twice: as collateral that reduces the bank reserve and as an estimate of the cash flow from the sale. This means that even a good warehouse as collateral will not replace contracts with customers and an estimated receipt schedule. For a seasonal manufacturer or contractor with late payment orders, this is a very expensive detail. The lender himself also needs insurance. Since January 2026, the banking capital adequacy premium has increased from 0.5 to 1% of risk assets. A risky loan requires more capital coverage.