WB Vice President\'s view on nationalization of banks in Kazakhstan
ASTANA. February 24. KAZINFORM /Aigul Tulekbayeva/ Nationalization of the banks is one of the comprehensive measures including strengthening of the regulatory agency, legislative, legal frameworks, as well as encouraging shareholders and managers of the banks to be honest, open and make the right decisions. In practice, each country as part of its stabilization plan "tried to be inventive in its own way and use their approaches and methods for keeping alive the vital institutions that are the highest priority for the country". Shigeo Katsu, Vice President of the World Bank for Europe and Central Asia has made it public at a press conference today, Kazinform reports. “Intervention of the state into the largest banks of Kazakhstan is not an unusual phenomenon and not an extraordinary event in the world practice”, he said. The guest also noted, that everything will depend on “what the government is going to do with these banks”. “And, of course, everything will depend on the bank’s status and the overall environment”, S. Katsu added.