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Troubled mortgage debts over the past 12 months have grown by almost ten times, to UAH 7.2 billion, according to a press release of the Ukrainian Credit and Banking Union (UCBU), referring to its director general, Halyna Olifer.

"Today, the total size of the mortgage portfolio of Ukrainian banks is estimated at over UAH 100 billion (almost half of the planned revenues of the national budget for 2009). Over the period from November 2008 to November 2009, bad mortgage debts grew by almost ten times. This is UAH 7.2 billion that was not returned by 300, 000 borrowers. Millions of honest depositors are suffering as a result, which is continuing to demoralize society," Olifer said.

The release says that Olifer made public the above-mentioned data during a meeting at the Justice Ministry, at which the problem of collecting debts due to the non-fulfillment of commitments of mortgage agreements was discussed.

The press release says that at the meeting it was decided that the Justice Ministry within 15 days is to analyze notary and court practice and change its instruction on the fulfillment of commitments of mortgage agreements.