Expressbank Became a Member of Centralized Mortgage Lending

Azerbaijan Mortgage Fund (AMF) continues to attract mortgage agents.

As reported in the fund, a new member of centralized mortgage lending became Commercial Bank OJSC "Expressbank". During the year, the ranks of the AMF entered two banks and one insurance company.

First centralized mortgage lending program has earned in March 2006. Lack of funds to refinance bank loans in June 2007, it was frozen. In just two years lending was resumed. Since 2006 the Fund issued mortgages worth 384.71 million manat. During the 7 months of 2012 Agent Banks mortgage loans totaling 39.27 million manat.

Today, the state finances a social mortgage, for the needs of the budget is allocated annually 20 million manat. Commercial mortgage financed through the issuance of bonds AMF. For this purpose in 2009-2012 fund placed four emissions by 55 million, 75 million, 60 million and 20 million manat each. In December last year there was state registration of the prospectus of registered non-documentary bonds secured by the fund in the amount of 30 million manat. Today, the fund has posted AZN 20 million from the last issue.

AMF agents currently are 28 banks and 20 insurance and 13 appraisal companies. - 15B -