OREANDA-NEWS. April 22, 2009. Kaspi Bank (Almaty), securities of which are listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release of the following content, reported the press-centre of KASE:

Thanks to changes and simplification of terms of the state program for refinancing of mortgage loans granted by fund Samruk-Kazyna, the level of loans refinanced in kaspi bank as on April 21, 2009 grew by almost 10 times. Today the total volume of refinanced loans is KZT1,021 m., compared with KZT137 m. as on April 14. Requests on refinancing arrive each day, and currently total KZT150-200 m. For the time being kaspi bank accepted for consideration orders KZT2 bn. worth.

According to board chairman of kaspi bank Michael Lomtadze, thanks to changes in the state refinancing program the bank increased the volume of requests accepted for consideration up to 200 m. a day, with refusal level decreasing down to 4 % of considered requests. "And these are, mainly, loans, which do not correspond with program criteria, - says Mr. Lomtadze. - Such dynamics allows for thinking of early disbursement of the program".

The bank is appraising a change of terms regarding flexibility and promptness with which the changes were made into the program allowing for speeding up of refinancing.

A mortgage loan is a complex type of credit requiring a lot of documentation, and now, removal of restrictions and quality communication with end borrower allows for a more effective loan refinancing.

Macroeconomical effect produced by funds provided by the state: mortgage refinancing, crediting of small and middle businesses, participation in bank capitals, provision and insurance of deposit base, will stimulate stability and development of the Kazakhstan economy. Even global practice has few examples of such complex state programs.