OREANDA-NEWS. April 18, 2013. At the end of the first quarter, Sviaz-Bank totaled up the results of the credit holidays for individuals in arrears on loans from the Bank. The holidays were launched under the name of Go Debt-Free into the New Year in December 2012 and ran until February 1, 2013.

An individual in arrears who repaid his/ her debt on the principal and interest during the holidays was exempted from payment of fines outstanding on any overdue liabilities under his/her loan agreement with the Bank.

During the credit holidays, 90% of more than 1,000 individuals having a total debt of around 40million rubles across Russia paid interest and liabilities for the principal.

“We assess highly the results of the holidays. We received a rapid response from our customers in arrears and could settle problems between them and the Bank. The total liabilities for the principal and interest repaid ran up to over 11 million rubles,” said Sergey Akinin, Director of Sviaz-Bank’s Problem Assets Department.