Second action of Halyk Bank on compensation payment to Kazakhstani citizens started

/Kazakhstan today, May 11, 04/ - Today, on 11 May, the Halyk Bank of RK has started the second action on compensation payment to Kazakhstani citizens born from 1936 to 1991 having balances on all kind of deposits as of 1 January 1992. It was reported by the deputy chairman of the Halyk Bank of RK Marat Zairov at a press conference in Almaty. "Some of our depositors did not have time to draw up the compensation, that is why we took a decision to continue this process ", M. Zairov explained. "To succeed, taking into account the experience of the last year, we have improved the technical program and increased the staff for the operation'", he marked. According to the director of the retail support department of the Halyk Bank Tatyana Mariasova, the process has been already started. 626 cash offices of the Halyk Bank will be operating in the Republic. "Most probably the government of RK will not prolong the term of compensation payment. Under the president's decree the compensation was stipulated as nonrecurring disbursement in 2003. But the government prolong the term of disbursement", she added. "We have paid off the compensation for 1.2 million deposits totaling 4.3 billion tenge in 2003. As of today 7.7 million deposits totaling 12 billion tenge have been included into the list of payment", she noted. According to T. Mariasova, "to draw up the compensation the presence of depositor or its agent is obligatory. In case of depositor's death the compensation can be paid off to heirs". As it was reported before, the citizens born from 1936 to 1991, having balances on all kind deposits as of 1 January 1992 will be able to draw up the compensation from 11 May to 22 December 2004. The compensation will be carried out upon condition of the depositor's presence by drawing up the special state compensatory bonds. An additional emission of the special state compensatory bonds with one year circulation and 5.1% interest rate per year (5.11% per annum according to global certificate of the issue - IRBIS note) have been issued for the citizens born from 1936 to 1940 taking into account their inherited deposits). The second emission has been issued for the citizens born from 1941 to 1960 (two years circulation - 8.19% interest rate per year). The third emission will be issued for the citizens born from 1961 to 1991 (three years circulation - 7.4% interest rate per year). 526 cash offices of the Halyk Bank will be operating in the Republic. The compensation calculation will be carried out by recounting of the balances on deposits as of 1 January 1992 into USD equivalent by rate of exchange as of 3 January 1992 with further recounting USD equivalent into tenge (National Bank rate as of 29 December 2002 or the registration date of special state compensatory bonds). Translation by Nataliya Shirinskikh [2004-05-11]