At an enlarged meeting of the Senate Committee on Finance and Budget, deputies considered the draft law "On Amendments and Additions to Some Legislative Acts of Kazakhstan on the Development of the Market of Distressed Assets”.
The purpose of the Bill is to create a legislative framework conducive to reducing the level of banks' distressed assets and involving them in economic turnover on a market basis. This approach is expected to help create a developed market for distressed assets, which will lead to a decrease in their level and greater involvement of non-performing assets in economic turnover.
"The Bill creates a legislative framework which, on the one hand, will limit the time during which banks can hold such assets, after which they must sell such assets through open trading, and on the other hand expands the list of buyers who are allowed to purchase such assets. Thus, the Bill will contribute to creation of civilized and developed market of distressed assets, which will positively influence financial indices of the banking system and the economy in general", - noted Senator Bekbolat Orynbekov in his speech.
As a result of the discussion, members of the Committee decided to send the Bill to the House for consideration.
(Senate Press Service, 74-72-27)