National Bank Inspected State of Mortgage Issue by Active Banks in Azerbaijan
Azerbaijan, Baku / corr Trend I.Khalilova / Elman Rustamov the Chairman of the Managing Board of the National Bank of Azerbaijan (NBA), announced that the bank inspected the state of issue of mortgage at the expense of the Azerbaijani Mortgage Fund, functioning at the NB. As a supervisory body the NBA checked up on all active banks in the issue of mortgage and 1/7 of all 200 credits allotted so far. The inspection did not reveal any negative factors, except shortages,' Rustamov stressed.
NBA inspectors visited the housekeeping of credit beneficiaries and collected data on the level of red-tape in the approval of credits.
"Some violations revealed that some banks were linked with the issue of credits for purchase of apartments in un-built buildings. In these cases we take serious steps, because the credits can only be given for the purchase of completed buildings," Rustamov emphasized.
He said that at present the key problem in the issue of mortgage is red-tape in all levels, as well as at the banks. The NBA is keen on boosting the efficiency of activities of the AMF itself. Taking into consideration the social character of the dwelling problem, the banks and other bodies should ensure full transparency in mortgaging.