Which banks have not given mortgages this year? – Tejarat News

According to Tejarat News, due to the importance of creating an obligation for the banking system against the rent of money creation, the investigation of the behavior of the banking system in Iran shows that until now banks have not performed their duties well, especially in the case of housing loans. This is more important for private banks. For example, based on the information published on the central bank’s website, the total payment facilities by 4 banks, Pasargad, Middle East, Saman and Ekhetaz Novin, in the first 3 months of the year was about 200 thousand billion tomans, which is more than 20% of the total payment facilities of the banks during this period. it counts.

Although a large volume of the total facilities paid by the banking system has been paid by these 4 private banks, it can be seen that the cooperation of these banks in paying mortgages and the facilities of the National Housing Movement is close to zero. According to Article 4 of the Housing Production Jump Law, 20% of the banks’ payment facilities must be spent on the housing sector. However, the cooperation of banks in this field has not been satisfactory so far, and private banks have not provided the necessary cooperation.

In another sense, the banking system in the private sector, which benefits from the rent of money creation, is not willing to fulfill its legal obligation for this benefit in Iran’s economy and ignores the law of the parliament in this area.

Non-cooperation of banks in mortgage payment

Building one million housing units per year is the promise of the president and the decree of the law to jumpstart housing production, but the non-cooperation of banks in paying the facilities has faced serious buts and ifs for the realization of this issue. In this regard, it is necessary for the central bank and other regulatory bodies to deal with the offending banks and if these banks do not cooperate, fines and restrictions should be imposed on them.

On the other hand, it is necessary to activate the guarantees of the implementation of Article 4 of the Law on the Surge in Housing Production and Supply, and for example, the Tax Affairs Organization should seriously follow up on the collection of tax from the banks that violate the Article 4 of the Law on the Surge in Housing Production.

The bank is one of the financial institutions in every country that is responsible for the payment of facilities. Contrary to what is generally thought, the bank is not an intermediary of funds and pays this facility by creating money.

In other words, the function of the bank is not to lend the deposits of the depositors to the loan applicants. Rather, the lending operation is merely an accounting operation and the bank creates money from nothing. Of course, having the power to create money does not mean that the bank can create as much money as it wants, and things like interbank settlement and things like that will limit the bank’s money creation.

According to the mentioned technical details of the banking system, the performance of the bank can be compared to a businessman who can draw a check and because of the high trust in his check, this check can be used as a means of exchange between other people, but this trust Where does the bank check come from? The most important reason for people’s trust in the bank is the government’s support of Check Bank. In other words, the money created by a bank, even a private bank, can be exchanged one-to-one with the debt created by the government. That is, the check drawn by Bank A is exactly equivalent to the banknote printed by the government.

Source: Fars