The Fund of Problem Loans implements two strategic directions. These are the banking sector recovery and the involvement of the assets acquired into the economic turnover.
The banking sector recovery is held through asset acquisition from second-tier banks and legal entities (former banks).
The involvement of assets acquired into the economic turnover is held through debt restructuring, debt collection, including bankruptcy and rehabilitation procedures, and the asset sales.
Asset acquisition
Fund’s asset acquisition is subject to their compliance with the criteria established by the Requirements for the assets acquired by the Fund, approved by order of the Minister of Finance of the Republic of Kazakhstan dated February 23, 2018 No. 279.
According to the Law on Banks and Banking Fund can acquire assets from the National Bank of the Republic of Kazakhstan, second-tier banks and legal entities (former banks).
Asset management
Management of acquired assets, their maintenance and (or) sale, is carried out by the Foundation in one of the following ways:
The management of the acquired assets and their disposal includes the following activity:
The procedure and conditions for carrying out these events are determined by the internal documents of the Foundation.
The sale of property pledged under the rights of claims redeemed by the Fund from banks or legal entities that were previously banks is carried out:
- Within the framework of enforcement proceedings in accordance with the Law of the Republic of Kazakhstan dated April 2, 2010 ‘On enforcement proceedings and the status of bailiffs‘;
- In the framework of rehabilitation and bankruptcy procedures in accordance with the Law of the Republic of Kazakhstan dated March 7, 2014 'On Rehabilitation and Bankruptcy' or in other cases - in accordance with the internal documents of the Fund and the current legislation of the Republic of Kazakhstan.
