Distressed Assets Fund to be launched in mid 2009
ASTANA. April 28. KAZINFORM The Distressed Assets Fund is scheduled to start working in the second half of 2009, Chairman of the Board of SamrukKazyna Kairat Kelimbetov has announced at a meeting with the Majilis deputies today.“As is known, our Government has taken three important measures which, in my opinion, allowed preserving stability of the banking system of the country. The first one is guaranteeing insuring people’s deposits to the amount of KZT 5 mln. The second one was indirect recapitalization of the banks for establishment of the Distressed Assets Fund. And the third measure was direct additional capitalization of the banks. The first and third stages are working to date. It means we have preserved the population’s deposits and on the other hand the Government appointed SamrukKazyna one of the stockholders of the four second-tier banks. Thus, there are two main problems of the second-tier banks at present - external debt and worsening of the assets. These problems are solved through direct injection of capital to the banks”, K. Kelimbetov said. As for the Fund, it serves as the Government’s reserve if the situations worsens, he added. KZT 70 mln have been allocated to the Fund. Today the Fund jointly with the banks works out an issue of toxic assets.