Mechanisms of purchase of soured mortgage loans by KZ Stress Assets Fund are developed: K. Kelimbetov

ASTANA. January 13. KAZINFORM /Aigul Tulekbayeva/ Head of ?SamrukKazyna? National Welfare Fund Kairat Kelimbetov has informed of elaboration of the mechanisms of participation of Kazakhstan Stress Assets Fund in purchase of soured mortgage loans, Kazinform reports.

?During the first months the Stress Assets Fund will proceed to development of the mechanisms of transfer of assets to the banks, reconciliation of the partner banks? lists, estimation of their assets and issuing notes. Mechanisms of the fund?s participation in purchase of soured mortgage loans are being elaborated as well?, he said. Mr. Kelimbetov reminded that the Fund was established ?for improvement of the quality of the banks? assets and focusing of their activity on crediting of economy?. The process of the Fund?s activity covers 4 stages, K. Kelimbetov noted. These are estimation of the banks? assets, purchase of assets, management of assets and their sale. To date the Fund is negotiating this issue with the banks. The Fund was capitalized to the amount of KZT 52 bln.