KMC is trying to solve the problem with mortgage credits, given through the liquidated Valut-Transit-bank

/INTERFAX-KAZAKHSTAN, Almaty, April 3, 07/ - Kazakhstan mortgage company JSC (KMC) with 100%-ge stake of participation of the state had called the borrowers, taken the mortgage credits through the now liquidated Valut-Transit-bank to make the annuity payments to the special accounts of KMC. "In order to avoid the delays on credits we ask all these borrowers to make the monthly payments to the specially opened accounts of the company through the acting second tier banks", - told the director of crediting department of KMC Zangar Salimbayev on the press-conference on Tuesday in Almaty. "Appeared the situation at which the borrowers, conducted and conducting the monthly payments on credits in the cash-offices of subsidiaries of Valut- Transit-bank (after recall of the license form bank in December of year 2006 - IF-K) for today are those who had expired in our company", - he continued. This situation, Z.Salimbayev explained, appeared because the given payments do not inflow into the company. "KMC is the creditor on these loans, having redeem the rights of requirements. Valut-Transit-bank conducted the trusting management with those credits. After the license from bank had been recalled, it continued to accept the payments, but did not transfer them to the company. In this connection the company had received the debt on these borrowers", - he had specified. As told the participated in press-conference head of legal expertise and analysis of juridical management department of KMC Danel Zhanseyitova, the company now is making the work of transfer of these funds into KMC. By her information, with this objective the company for several times addressed to the liquidation commission of bank, but the question still is not solved. "These funds totally belong to the company and could not enter to the liquid mass", - she stressed. By her words, in case of the next refuse from the side of liquidation commission KMC intends to address to the court. "Company has the right to address for security of its interest to the court. If in the closest time there will be no exact and concrete answer, then the company will act in this way", - told D.Zhanseyitova. By information of Z.Salimbayev, the volume of credits, given through Valut- Transit-bank, in the portfolio of the company takes about 1-2%. At that he had noted that before the recall of license from Valut-Transit-bank all given mortgage credits, on which KMC had redeemed the rights of requirements, were qualified as standard. By his turn the head of department of registration of mortgage loans and processing of payments of KMC Zhanna Zhaymagambetova informed on this press-conference, that the loan portfolio of the company on Valut-Transit- bank makes KZT1.5 bn. (current 123.34/$1), at that the overdue debt makes KZT7.5 m. The amount of mortgage credits, given by Valut-Transit-bank and rights of requirement on which were purchased by KMC makes 489, from which 195 were provided by housing state program State agency of financial supervision in the end of December of the last year had recalled the license from Valut-Transit-bank JSC on conduction of banking operations and then had addressed with the suit to the court about the forced liquidation of the bank. Interregional economic court of Karaganda (administrative center of Karagnda region of Kazakhstan, in the center) had decided about the forced liquidation of Valut-Transit-bank JSC, which on March 1 had entered into legal force. Kazakhstan mortgage company is working on the financial market of the republic since December 2000 in the frames of realization of the state housing program. The main directions of activity of KMC are purchasing of rights of requirements on long-term mortgage housing loans, given by banks, and also attraction of long-term resources for mortgage crediting, including by issuing of own mortgage securities. [2007-04-04]