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Distressed Assets Fund to develop its working procedure in next two months
Astana, January 13 2009
JSC Distressed Assets Fund (DAF) will develop a working procedure in the next two months, according to the head of SamrukKazyna National Welfare Fund, Kairat Kelimbetov.
"During the first two months the fund will be working out a procedure for transfer of bank assets, making up a list of bank-partners, assessing their assets and will also start issuing notes," he told a Tuesday meeting of the Cabinet in Astana.
Kelimbetov also said that efforts were being made to work out a mechanism for DAF to purchase the problem mortgage loans.
He reminded that DAF's managing board had been elected, talks with the banks launched, foreign consultants brought in and 52 billion tenge raised to be contributed to the fund's capital.
JSC Distressed Assets Fund, wholly owned by the state, was organized in November 2008.
The finance minister, Bolat Zhamishev, said that DAF's capital was going to include $1 billion of public monies and 5$ billion of private investments.