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Senate of the Parliament
of the Republic of Kazakhstan

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The issues of reducing the level of stressful assets of banks were discussed in the Senate

22.12.2021 266

The senators considered the issues of reducing the level of stressful assets of second-tier banks and involving them in economic turnover. Authorized state bodies and subjects of the banking sector were invited to the meeting to discuss these issues.

The importance of carrying out work in this direction was noted by the President of the country Kassym-Jomart Tokayev in his Message. The Head of State instructed to develop an appropriate legislative framework. The main purpose of the meeting was to get acquainted with the implementation of the President's instructions to reduce the level of stress assets.

"Although the size of distressed assets were 7.1% of the assets of the banking system, according to the profile of the Agency is not a threat to financial stability in Kazakhstan, there is a significant amount of distressed assets, which must be returned to the market economy methods, thereby freeing up capital for further lending," - the Chairman of the Senate Committee on Finance and budget Olga Perepechina noted in her speech.

A representative of the Agency for Regulation and Development of the Financial Market informed the senators about measures to reduce the level of stressful assets. According to him, by the beginning of 2026, the current level of stress assets should be reduced from 2.7 trillion tenge to 0.9 trillion tenge.

The meeting participants also discussed the issues of repurchase and further sale of stressful assets of second-tier banks, as well as the necessary prerequisites for the development of this market. Proposals such as expanding the list of authorized buyers of stressful assets, creating an institute of service companies, tightening the regulatory regime and a number of others were also made at the event.

"These proposals, reflected in the law being developed on the development of the market of stressful assets, will give a new impetus to the improvement of the banking system," Olga Perepechina said in conclusion.

(Senate Media Office, 74-72-27. Photo by - N.Baibulin)

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