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Toxic assets fund under the National Bank of Kazakhstan launched

19 april 2012, 14:18
0
© Yaroslav Radlovsky
© Yaroslav Radlovsky
Toxic assets fund under the National Bank of Kazakhstan has been eventually launched, KazTag Agency reports, citing Serik Akhanov, Chairman of the Financiers Association.

“Kazakhstan-based banks have already started talks to transfer their bad loans to the fund so that to clean up their loan portfolios”, he said April 19 when speaking at the VIII risk management conference.

Earlier National Bank Governor Gregory Marchenko announced that “should the toxic assets fund be successful, second tier banks will get rid of toxic assets worth $2 billion”.

December 28, 2011 Kazakhstan President Nazarbayev signed amendments into the banking legislation. The amendments envisage creation [by banks] of special vehicles to purchase non-performing assets and further manage them. The amendments also regulate creation of a toxic assets fund by the National Bank to improve the quality of loan portfolios of second tier banks.

The toxic assets fund will be raising funds to purchase toxic assets; it will be assessing toxic assets, buying out pledged assets and manage them until their further sales. To raise funds, the fund will be issuing bonds to be purchased by pension funds, second tier banks and the National Bank.

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