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Bill on construction-savings bank to be sent to Government in March

21 February 2007 15:40 (UTC +04:00)

The National Bank of Azerbaijan may introduce the bill on establishment of construction-savings banks in the country to the Government in March. Chairman of the Management Board of the National Bank, Elman Rustamov, said the work on the bill is about to be complete.
â€œGermanyâ€™s scheme was used in developing the bill. The savings is accumulated for three years and the depositor is lent a mortgage loan after 36 months,â€? he said.
Mr. Rustamov said the scheme will facilitate mortgage lending through the funding from the State Budget.
â€œThe bankâ€™s finances can be placed in the form of T-bills and notes. Prudential standards are being developed for establishment of the banks. The limit on these banksâ€™ capital will not be severe and will be similar to the banks opened with the capital of AZN 10mln,â€? he underscored. /APA/