Azerbaijan, Baku, May 27 / Trend /
On May 27, the Azerbaijan National Depositary Centre (NDC) and Azerbaijan Mortgage Fund (AMF) at the Central Bank will sign an agreement under which centre will be granted powers of distributor in the case of problems on mortgage loans, Chairman of the Azerbaijan State Committee on Securities Rufat Aslanli said on May 27.
The AMF will resume mortgage loaning through issuing mortgage bonds on June 1. In this regard, the depositary centre will play a role of distributor in the problem situations.
"On May 26, the NDC and AMF exchanged papers to legalize relationship and today we will continue discussions and sign an agreement," Aslanli said.
Aslanli said, after this, a prospect of mortgage bond emission will be submitted to the State Committee on Securities for registration. Aslanli has refused to divulge parameters.
Aslanli said after registering the mortgage bonds "we can finish arrangements to deposit bonds via stock exchange."
"Mortgage loans are issued via banks' funds. Therefore, banks apply to the AMF to receive additional financing after issuing mortgage loans," the head of the state committee said. "In this regard, a preliminary conditions for mortgage loaning is depositing securities."
Therefore, the Mortgage Fund must submit relevant instructions to bank-agents, "I have been informed that they have been already instructed on this issue."
"The securities issued by the Mortgage Fund is regarded the provided bonds," Aslanli.