KZ Stress Assets Fund to hold first auction on purchase of troubled mortgage loans in Feb

ASTANA. January 14. KAZINFORM /Zauresh Balkenova/ At the beginning of February the Stress Assets Fund of Kazakhstan will hold first auction on purchase of mortgage loans from the banks. Head of ?SamrukKazyna? National Welfare Fund Kairat Kelimbetov has made it public at a press conference today, Kazinform reports.

?The first auction on purchase of the banks? assets will take place at the beginning of February?, K. Kelimbetov said. According to him, as a result of the first active talks of the Stress Assets Fund with the banks such assets as pools of mortgage loans, pools of the loans provided by small and medium business and pools of corporate loans. The auctions on these loans will be held with discounts suggested by ?SamrukKazyna? Fund. As is known, the Stress Assets Fund was established by the Ministry of Finances of Kazakhstan. The state has allotted KZT 52 bln for its capitalization. This figure is expected to reach USD 1 trln in the nearest outlook.