On approval of the Rules for the implementation of the types of Activities by the Joint-stock company "Problem Loans Fund", as well as the requirements for the assets acquired (acquired) by it and the rights of claim
Resolution of the Government of the Republic of Kazakhstan dated July 9, 2026 No. 601
In accordance with the second part of paragraph 1 of Article 132 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", the Government of the Republic of Kazakhstan DECIDES:
1. Approve the attached documents:
1) Rules for the implementation of activities by the Joint-stock Company "Problem Loans Fund";
2) requirements for assets and claims acquired (acquired) by the joint-stock company "Fund of Problem Loans".
2. This resolution shall enter into force upon the expiration of ten calendar days after the date of its first official publication.
The Prime Minister of the Republic of Kazakhstan
O. Bektenov
Approved by Resolution No. 601 of the Government of the Republic of Kazakhstan on July 9, 2026
Rules for the implementation of activities by the Joint-Stock Company "Problem Loans Fund"
Chapter 1. General provisions
1. These Rules for the Activities of the Problem Loans Fund Joint Stock Company (hereinafter referred to as the Rules) have been developed in implementation of the second part of paragraph 1 of Article 132 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" (hereinafter referred to as the Law) and define the procedure for the implementation of the Problem Loans Fund Joint Stock Company (hereinafter referred to as the Fund) the types of activities provided for in paragraph 1 of Article 132 of the Law.
2. The Fund carries out the following types of activities within the limits of the powers established by the Law and these Rules:
1) issue of shares to form the authorized capital, as well as bonds to finance their own activities;
2) repurchase of own outstanding shares and bonds;
3) assessment of the quality of assets, rights (claims) of banks and (or) legal entities that were previously banks, in order to make a decision on their acquisition;
4) acquisition from the National Bank of the Republic of Kazakhstan and banks of doubtful and uncollectible assets, other rights (claims) and assets, their management, including through transfer to trust management, possession and (or) their sale.
In case of transfer of rights (claims) from the National Bank of the Republic of Kazakhstan to the Fund, the consent of the borrower, the pledgor, the guarantor and other persons for such transfer is not required.;
5) valuation of shares and (or) bonds issued by banks;
6) acquisition of shares and (or) participation shares in the authorized capital of legal entities, including legal entities, the rights (claims) to which were acquired from banks and (or) legal entities that were previously banks, their management, including through transfer to trust management, ownership and (or) their implementation;
7) purchase and management of shares and (or) bonds issued by banks, including through transfer to trust management and (or) their sale;
8) granting for property lease (lease) of property acquired and (or) obtained from banks and (or) legal entities that were previously banks, or using another form of paid temporary use of such property, transferring it to trust management;
9) operations on securitization of rights (claims) and other assets acquired from banks and (or) legal entities that were previously banks;
10) creation (acquisition) of an organization acquiring doubtful and uncollectible assets;
11) acquisition of rights (claims) and (or) other assets from legal entities that were previously banks, including shares and shares in the authorized capital, and their management, including through transfer to trust management and (or) their sale.
If, as a result of the transaction provided for in part one of this subparagraph, property is acquired in the amount of ten percent or more of the Fund's assets, the decision to conclude such a transaction shall be taken by the Fund's shareholder.
If, as a result of the transaction provided for in part one of this subparagraph, the rights (claims) of the creditor are transferred, the consent of the borrower, the pledgor, the guarantor and other persons for such transfer is not required. The identity of the new creditor is deemed to be of no significant importance to the debtor;
12) purchase of securities and other financial instruments, as well as placement of money in second-tier banks, the National Bank of the Republic of Kazakhstan on the terms of bank account and bank deposit agreements;
13) financing on the terms of payment, urgency and repayment of banks and (or) legal entities that were previously banks;
14) acquisition of stress asset management services from subsidiaries;
15) implementation of special programs developed and approved by the Government of the Republic of Kazakhstan and (or) the National Bank of the Republic of Kazakhstan;
16) carrying out debt restructuring on assets, including rights (claims), writing off and (or) canceling in whole or in part the principal debt and (or) remuneration, commissions, penalties (fines, penalties), other debts, asset management and their sale, recognition of possible losses resulting from these actions;
17) sale and (or) provision for property lease (lease) or trust management of property accepted to repay rights (claims) acquired and (or) received from banks and (or) legal entities that were previously banks, and accounted for as assets in accordance with international financial reporting standards; and requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting;
18) partial or full cancellation (forgiveness) of obligations for which performance has been terminated;
19) involvement of collection agencies to collect debts on bank loans with a delay in fulfilling obligations under a bank loan agreement of more than ninety consecutive calendar days, as well as uncontested foreclosure on money held in the borrower's bank accounts by submitting a payment claim in accordance with paragraph 9 of Article 61 and paragraph 2 of Article 62 of the Law.
Chapter 2. Asset acquisition procedure
3. For the purposes of applying these Rules, assets are property, shares and (or) participation interests in the authorized capital of legal entities, rights of claim on loans, loans acquired (acquired) by the Fund.
4. In order to form a list of assets to be acquired by the Fund, a preliminary analysis of the information provided by the potential seller on the assets is carried out for their compliance with the requirements for assets to be acquired by the Fund and the rights of claim.
5. The preliminary analysis is carried out by the Fund on the basis of information provided by banks and (or) legal entities that were previously banks, as well as data from government agencies, judicial and enforcement proceedings, valuation reports, accounting and financial statements, and available sources of information containing information about the asset being acquired, prior to making a decision on their acquisition.
6. If the proposed assets meet the above requirements, the Fund conducts a comprehensive asset assessment, which is a comprehensive procedure for analyzing their legal status.,
financial and economic conditions and risks affecting the possibility of their further recovery, implementation and (or) management.
7. As part of a comprehensive asset assessment, the Fund carries out:
1) analysis of the composition, structure and characteristics of assets (rights (claims), including their legal nature, basis of origin and validity;
2) verification of title and supporting documents, including loan agreements, security agreements, assignment of rights (claims) and other related documents;
3) assessment of the availability, type and sufficiency of collateral for the fulfillment of obligations, including collateral, guarantees, sureties and other ways of securing, including visual inspection of collateral items;
4) analysis of the actual state of collateral, its safety, liquidity and the possibility of foreclosure;
5) verification of the correctness of registration of ownership of the property provided as collateral and registration of the rights of the pledgee;
6) conducting an analysis of title documents and identification documents of the property provided as collateral;
7) analysis of the presence of negative information on the borrower (co-borrower, mortgagor, guarantor, surety), transparency of the borrower's (co-borrower's) business;
8) collection, processing and analysis of information related to assets in order to prevent transactions with unscrupulous counterparties or related to facts (signs) of illegal actions;
9) assessment of debtors' solvency, including analysis of their financial condition, credit history, debt structure and sources of income;
10) analysis of legal disputes, enforcement proceedings, bankruptcy procedures and other legal risks related to assets;
11) identification of encumbrances, restrictions and other factors affecting the possibility of recovery, realization or assignment of rights (claims);
12) analysis of operational, legal, credit and market risks associated with the acquisition and subsequent asset management.
8. In the case of acquisition by the Fund of assets in the form of a share of participation in the authorized capital of legal entities, when conducting a comprehensive examination, the Fund additionally carries out:
1) analysis of the constituent documents, the structure of participation and the final beneficial owners;
2) verification of the legal status of the shares, including the existence of restrictions, encumbrances, liens, arrests and other rights of third parties;
3) assessment of tax liabilities and potential tax risks;
4) analysis of corporate governance, including the decision-making system, the presence of affiliated companies and the risks of conflict of interest.
9. Based on the results of a comprehensive asset assessment, a conclusion is formed containing:
1) characteristics of acquired assets;
2) conclusions about the quality and liquidity of assets;
3) risk assessment;
4) forecast of the effectiveness of collection and (or) implementation;
5) a recommendation on the expediency of acquisition or refusal of acquisition.
10. If necessary, the Fund engages independent appraisers, consultants and specialists.
11. The conclusion of a comprehensive asset assessment is the basis for consideration by the authorized body of the Fund of the acquisition of assets.
12. The assessment of the market value of the acquired assets is determined by agreement of the parties.
If the Fund is provided with property in the form of an industrial property complex, equipment or technological lines, or construction-in-progress facilities, requirements for a comprehensive examination of collateral items, including inventory and (or) inspection, and (or) technical audit (survey), are imposed on the valuation entity and the valuation procedures applied by it, and (or) technological expertise.
13. The decision on the acquisition of assets is made by the authorized body of the Fund within the limits of the powers defined by the charter of the Fund, taking into account the results of a comprehensive examination and an asset valuation report prepared in accordance with the legislation of the Republic of Kazakhstan on valuation activities.
14. The acquisition of assets and rights (claims) is carried out within the framework of assignment of rights (claims) or purchase and sale transactions with the definition of the composition, volume and value of the acquired assets.
15. If the sole shareholder of the Fund decides to purchase assets from the National Bank of the Republic of Kazakhstan, banks and legal entities that were previously banks, or other persons, the procedure for acquiring assets is carried out in accordance with these Rules, taking into account the terms of the above-mentioned decision.
Chapter 3. Procedure for managing acquired assets
16. Asset management is defined as a set of measures aimed at collecting, selling and increasing the investment attractiveness of assets.
17. Management is carried out in the following ways:
1) debt collection on acquired claims;
2) restructuring of debt on assets, including rights (claims), write-off and (or) cancellation in whole or in part of the principal debt and (or) remuneration, commission, penalties (fines, penalties), other debts, recognition of possible losses arising as a result of these actions;
3) property lease (lease);
4) sale of assets;
5) transfer to trust management;
6) assignment of claim rights to the buyer (investor);
7) attraction of collection agencies to collect debts on bank loans with a delay in fulfilling obligations under a bank loan agreement of more than ninety consecutive calendar days, as well as uncontested foreclosure on money held in the borrower's bank accounts by submitting a payment claim in accordance with paragraph 9 of Article 61 and paragraph 2 of Article 62 of the Law;
8) conservation;
9) other methods that do not contradict the legislation of the Republic of Kazakhstan.
Paragraph 1. Debt collection on acquired claims
18. Debt collection and foreclosure on mortgaged property for rights (claims) acquired by the Fund are carried out in court.
The Fund takes measures for pre-trial debt settlement aimed at the voluntary fulfillment of obligations by the debtor, the pledgor, the guarantor, the surety and other persons who have assumed the relevant obligations by sending a letter demanding repayment of the existing debt.
If it is impossible to settle the debt in a pre-trial manner, the Fund applies to the court with a claim for debt collection and (or) foreclosure on the mortgaged property.
19. Foreclosure on pledged property is carried out in respect of property transferred to ensure the fulfillment of obligations under the rights (claims) acquired by the Fund, including movable and immovable property, property rights, money, securities and other property that is the subject of pledge.
When foreclosing on pledged property, the Fund analyzes the legal status of the pledged object, the presence of encumbrances, arrests, restrictions and other circumstances affecting the possibility of selling the pledged property.
20. After the entry into force of the judicial act, the Foundation receives the executive document and sends it for enforcement to the bailiff.
21. The Fund enjoys all the rights and obligations of the recoverer in enforcement proceedings initiated in its favor, provided for by the Law of the Republic of Kazakhstan "On Enforcement Proceedings and the Status of Bailiffs".
22. The sale of mortgaged property within the framework of enforcement proceedings is carried out in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
Paragraph 2. Debt restructuring of debtors
23. In order to ensure the repayment of debt and (or) reduce the risk of non-repayment of debt, the Fund carries out debt restructuring on acquired assets.
24. Debt restructuring is a set of measures developed based on an analysis of the debtor's financial and economic activities, its solvency, the quality of collateral and the prospects for debt repayment, aimed at restoring the debtor's solvency, reducing the debt burden and ensuring the maximum possible fulfillment of obligations to the Fund.
25. Consideration of the issue of restructuring is carried out on the basis of a written request from the debtor containing proposals for fulfilling obligations to the Fund.
26. As part of the restructuring review, the Fund analyzes the debtor's activities, including:
1) study of the financial and property status of the debtor;
2) analysis of financial, tax and other reporting;
3) cash flow analysis, income and expense structure;
4) assessment of the debtor's solvency and prospects for restoring its financial stability;
5) analysis of credit history and causes of overdue debt;
6) analysis of the debtor's contractual base and current business activities;
7) verification of the existence of judicial disputes, enforcement proceedings, rehabilitation, bankruptcy or liquidation procedures;
8) analysis of the enforcement of obligations, including collateral, guarantees, sureties and other ways of securing;
9) assessment of the liquidity and market value of the property;
10) identification of additional assets of the debtor and other sources of debt repayment;
11) analysis of the legal, financial, operational and market risks associated with the restructuring.
27. In order to carry out the restructuring, the Fund carries out:
1) change in the currency of the obligation;
2) changing the terms, procedure and schedule of debt repayment;
3) provision of deferral, installments, grace period or flexible payment schedule;
4) changing the order and order of repayment of the principal debt, remuneration and other payments;
5) changing the remuneration rate and (or) the procedure for its accrual;
6) full or partial write-off, cancellation, suspension of accrual or recalculation of the principal debt, remuneration, commissions, penalties (fines, penalties) and other debts with the recognition of losses resulting from these actions;
7) debt refinancing;
8) acceptance of compensation, including property transferred by the debtor or third parties;
9) transfer of debt to a third party with the consent of the Fund;
10) attraction of additional guarantees, guarantees and collateral;
11) the debtor's sale of part of the property in order to repay the debt;
12) sale and (or) assignment of rights (claims);
13) securitization;
14) participation in the management of the debtor's financial and economic activities;
15) the use of combined forms of restructuring and other financial recovery mechanisms not prohibited by the legislation of the Republic of Kazakhstan.
28. The Fund engages independent appraisers, audit organizations, and, if necessary, consultants and other specialists to evaluate property, verify valuation reports, analyze the debtor's financial condition, and take other measures.
29. The decision on restructuring is made by the authorized body of the Fund within the limits of the powers defined by the Fund's charter, taking into account the results of the analysis, the level of risks, the quality of collateral, the financial condition of the debtor and the economic feasibility of applying appropriate measures.
30. The Fund monitors the debtor's compliance with the terms of the restructuring, including monitoring payment discipline, the debtor's financial condition, the condition of collateral, compliance with covenants and other terms of the restructuring.
31. In case of violation by the debtor of the terms of the restructuring, the Fund takes measures to collect debts, implement collateral, apply to the court and other measures provided for by the civil legislation of the Republic of Kazakhstan.
32. The Fund recognizes possible losses resulting from debt restructuring, write-off and (or) termination of obligations, sale of assets, assignment of rights (claims), as well as the application of other debt resolution measures in accordance with international financial reporting standards and the legislation of the Republic of Kazakhstan on accounting and financial reporting.
33. The Fund carries out partial or full write-off of debts owed to the Fund for which performance has been terminated, subject to the exhaustion of all recovery measures.
34. The grounds for writing off (forgiving) debt on obligations are:
1) termination of enforcement proceedings;
2) completion of bankruptcy proceedings for legal entities or individual entrepreneurs;
3) completion of out-of-court or judicial bankruptcy procedures for individuals;
4) the death of the debtor in the absence of hereditary property or heirs to whom claims are made;
5) the existence of a judicial act that has entered into legal force, excluding the possibility of further recovery.
35. Consideration of the issue of debt cancellation is carried out on the basis of:
1) court rulings on the approval of the final report and the liquidation balance sheet of the bankrupt manager;
2) court rulings on the approval of the financial manager's final report;
3) decisions of the state revenue authority on the completion of the out-of-court bankruptcy procedure;
4) decisions of the bailiff on the termination of enforcement proceedings;
5) death certificates or notices of state registration of death and confirmation of the absence of an inheritance case;
6) a judicial act that has entered into legal force, excluding the possibility of further recovery.
36. The decision on partial or full debt cancellation is made by the authorized body of the Fund in accordance with the internal documents of the Fund with the determination of the amount of debt to be written off.
37. In case of partial debt cancellation, the Fund retains the right to collect the remaining part of the debt.
38. Information about written-off debts is subject to reflection in the internal accounting of the Fund.
Paragraph 3. Property lease (lease)
39. The Fund provides for property rental (lease) of property acquired and/or obtained from banks and/or legal entities that were previously banks.
40. The amount of the rent for the property is determined taking into account market conditions, location, technical condition of the property, the possibility of its operation and other factors affecting the cost of use.
In order to determine the value of a property lease, the Fund conducts a market analysis based on open sources, data on similar facilities, and other available information.
According to the results of the analysis, minimum rent thresholds are established. In cases involving the need for capital or routine repairs or investments in property, the amount of rent is set below the minimum thresholds based on a decision of the authorized body of the Fund.
41. In order to attract potential tenants, the Fund ensures that information about the property is posted on the Fund's Internet resource, the web portal of the Register of state property and (or) in the media, indicating the terms of provision, the deadline for submitting applications and the amount of rent.
The received applications are reviewed by the Fund for compliance with the established requirements. If there are several applications, the advantage is given to the person who offered the most favorable conditions, and under equal conditions – to the person who first submitted the relevant application.
42. The transfer of property is carried out on the basis of a property lease agreement or a lease agreement under the act of acceptance and transfer, which records the technical condition of the property, its characteristics, completeness, defects and other essential information.
43. At the request of the lessee, the Fund has the right to make a decision on extending the term of the property lease (lease), provided that the lessee properly fulfills his obligations under the agreement.
44. The transfer of property to sublease is allowed only with the prior written consent of the Fund, unless otherwise provided by the property lease agreement.
45. The Fund monitors the execution of contracts, including control over the use of property, timely payments, the safety of property and compliance with obligations stipulated in the terms of concluded contracts.
Paragraph 4. Sale of assets
46. The Fund sells property accepted to repay rights (claims) acquired and (or) received from banks and (or) legal entities that were previously banks, and accounted for as assets in accordance with international financial reporting standards and the legislation of the Republic of Kazakhstan on accounting and financial reporting.
47. The grounds for selling the property are the economic inexpediency of maintaining and maintaining the property, the current high liquidity of the property and favorable market conditions.
48. The sale of property is carried out on the basis of a decision of the authorized body of the Fund, taking into account the technical condition of the property, the possibility of operation, estimated maintenance costs, risk assessment and economic feasibility.
49. The sale of property is carried out on the basis of its initial price, determined by the book value or the estimated value, determined in accordance with the legislation of the Republic of Kazakhstan on valuation activities, depending on which value will be the highest.
50. The sale of property is carried out in the following ways:
1) electronic bidding in the form of an auction (for raising and lowering prices);
2) electronic bidding in the form of a tender;
3) Direct addressable implementation;
4) exchange (barter agreement), except for the exchange within the Fund's group of companies;
5) assignment of claim rights;
6) sale of assets on the stock exchange.
51. The sale of assets is carried out in stages in accordance with the procedure established by the internal document of the Fund, approved by its authorized body, using the initial, starting and minimum prices, as well as other bidding conditions, preliminary posting of information about the property being sold on the Fund's Internet resource, the web portal of the register of state property and / or in the media.
52. When selling real estate that is free-standing buildings, structures or objects of unfinished construction, it is allowed to sell it as a property complex with a corresponding land plot.
When selling real estate located in built-in premises, issues of allocation of rights to a land plot are resolved in accordance with the land legislation of the Republic of Kazakhstan.
The value of the land plot and the property located on it is subject to separate assessment.
53. The decision on the method, terms and conditions of the sale of property, including the payment procedure, is made by the authorized body of the Fund within the powers defined by the charter of the Fund.
54. If it is impossible to sell an asset, the Fund considers transferring it to state ownership in accordance with the procedure established by the legislation of the Republic of Kazakhstan on state property.
55. When selling shares and (or) participation interests in the authorized capitals of legal entities, the requirements of the legislation of the Republic of Kazakhstan or the legislation of the country of registration of the relevant legal entity are observed.
Paragraph 5. Transfer to trust management
56. The Fund transfers property to trust management based on a decision of the authorized body of the Fund in accordance with the internal documents of the Fund.
57. The trustee is an individual or legal entity, and the beneficiary under the trust management agreement is the Foundation.
58. The trust management agreement provides for the terms of use of the property, the management procedure, the term of the trust management, ensuring the safety of the property, responsibility and the amount of remuneration of the trustee.
59. The trustee is reimbursed for the confirmed expenses incurred by him during the trust management.
The Trustee submits to the Fund a report on its activities within the time limits and in accordance with the procedure established by the trust management agreement.
Paragraph 6. Assignment of claim rights to the buyer (investor)
60. The assignment of rights (claims) to the buyer (investor) is carried out by the Fund in order to return funds, reduce the level of problem assets, minimize losses and increase the efficiency of management of acquired rights (claims).
61. Assignment of rights (claims) is carried out on the basis of a decision of the authorized body of the Fund within the limits of powers defined by the charter of the Fund.
62. The subject of assignment is rights (claims) under bank loan agreements, loan agreements, security agreements and other obligations, including rights secured by collateral, guarantee, surety and other means of securing the fulfillment of obligations.
63. The transfer of rights (claims) to the buyer (investor) is carried out on the basis of a contract of assignment of the right of claim (assignment) or purchase and sale.
64. From the moment of transfer of rights (claims) to the buyer (investor), the creditor's rights are transferred to the extent and on the terms that existed at the time of assignment, including the rights to ensure the fulfillment of obligations, unless otherwise established by the legislation of the Republic of Kazakhstan or the terms of the agreement.
65. In cases stipulated by the legislation of the Republic of Kazakhstan, the consent of the debtor, the pledgor, the guarantor, the surety and other persons to the assignment of rights (claims) is not required.
Paragraph 7. Involvement of collection agencies for the collection and assignment of claims on bank loans and foreclosure in an undisputed manner on the money held in the borrower's bank accounts
66. The Fund engages collection agencies to collect debts and assign claims on bank loans for which the delay in fulfilling obligations under the bank loan agreement exceeds ninety consecutive calendar days.
67. The decision to transfer the debt for collection to a collection agency is made by the authorized body of the Fund, taking into account the amount of debt, the duration of the delay, and the results of earlier recovery measures.
68. The transfer of debt to the collection agency is carried out on the basis of an agreement.
69. After the conclusion of the contract, the Fund ensures the transfer of the necessary documents, information about the debt, as well as other information necessary for the collection.
70. The Fund monitors the fulfillment of obligations under the agreement by the involved collection agency, including an analysis of the completeness and effectiveness of debt collection measures taken, as well as an assessment of the results of services rendered.
71. The Fund carries out foreclosure in an undisputed manner on the money held in the borrower's bank accounts by submitting a payment claim in accordance with the procedure and on the terms provided for in paragraph 9 of Article 61 and paragraph 2 of Article 62 of the Law.
A payment request is made if there is a consent to the non-acceptance withdrawal of money provided for in the bank loan agreement, bank account agreement or other agreement of the borrower.
The collection is indisputably carried out within the amount of the debtor's debt, including the amount of the principal debt, remuneration (interest), penalties (fines, penalties) and other payments stipulated by the contract.
Paragraph 8. Conservation
72. Property conservation is a complex of organizational, technical, operational and other measures aimed at ensuring the safety of property, preventing its destruction, damage, illegal use and reducing the cost of its maintenance.
73. Conservation of property is carried out by the Fund in cases of economic inexpediency of further maintenance and maintenance of property, lack of possibility of its effective use, occurrence of risks of losses, deterioration of the technical condition of the property.
74. The decision on the conservation of property is made by the authorized body of the Fund, taking into account the technical condition of the property, the estimated costs of its maintenance, the risks of damage, loss or reduction in the value of the property.
75. As part of the conservation of property, the Foundation carries out:
1) taking measures to ensure the physical safety of property;
2) disconnection of hot and cold water supply, sewerage, gas supply, electricity, telephone, Internet, cable TV, intercom, other utilities and maintenance services;
3) suspension of property operation;
4) carrying out measures to ensure fire, sanitary and technical safety;
5) other measures aimed at reducing the cost of its maintenance.
Chapter 4. Activities with financial instruments
76. The Fund issues shares to form the authorized capital, as well as bonds to finance its own activities in accordance with the laws of the Republic of Kazakhstan "On Joint Stock Companies" and "On the Securities Market", regulatory legal acts of the authorized state body regulating public relations in the securities market.
77. The repurchase of outstanding shares and bonds is carried out by the Fund with the consent of the shareholder for the purpose of their subsequent sale or other purposes in accordance with the legislation of the Republic of Kazakhstan on securities.
78. The valuation of shares and (or) bonds issued by banks is carried out in accordance with the legislation of the Republic of Kazakhstan on valuation activities to determine their fair (market) value, as well as to assess investment attractiveness and risk level.
The evaluation results are used in accounting in the preparation of financial statements, as well as in cases of capital raising, mergers and acquisitions.
79. The Fund carries out operations on securitization of rights (claims) and other assets acquired from banks and (or) legal entities that were previously banks, in accordance with the Law of the Republic of Kazakhstan.
"On project financing and securitization."
80. The purchase of securities and other financial instruments, as well as the placement of money in second-tier banks, the National Bank of the Republic of Kazakhstan on the terms of bank account and bank deposit agreements are carried out on the basis of a decision of the authorized body of the Fund.
Chapter 5. The specifics of the implementation of certain types of activities and the implementation of special programs
81. The Fund provides conditional financing – the provision of financial resources by the Fund to the second-tier bank in the form of placing money in the bank under the terms of a bank deposit agreement or other instruments providing for mandatory fulfillment of financing conditions.
The Fund requires an early repayment of funds in case of violation of the conditions of conditional financing.
82. The Fund creates or acquires an organization whose main activities are the acquisition, management, recovery, restructuring, sale and other support of doubtful and uncollectible assets.
83. The creation of such an organization is carried out by the Fund after conducting an analysis of the feasibility of creation, including an assessment of the effectiveness of asset management, risks, costs of the organization's operation and other circumstances that may affect the organization's activities, based on a decision of the sole shareholder of the Fund.
84. The acquisition of such an organization is carried out by the Fund after conducting an analysis of the feasibility of the acquisition, including an assessment of the effectiveness of asset management, risks and costs for the functioning of the organization, as well as conducting a comprehensive audit, which includes an analysis of the constituent documents, financial condition, structure of assets and liabilities, the presence of encumbrances, litigation and other circumstances that may affect the activities of the organization, based on decisions of the sole shareholder of the Fund.
85. The Fund ensures the management of such an organization by participating in its authorized capital, forming management bodies and making key decisions within the powers established by the charter of the organization.
86. The Fund provides financing to banks and (or) legal entities that were previously banks on the terms of payment, urgency, repayment, based on a decision of the authorized body of the Fund, taking into account an analysis of the financial condition of the recipient of financing, sources of fulfillment of his obligations to the Fund, financial, legal and other risks associated with the provision of financing, as well as sufficiency collateral for it.
87. Financing is carried out on the basis of an agreement providing for the amount of financing, the repayment period, the amount of remuneration, the procedure for fulfilling obligations, the terms of security and measures of responsibility for violation of the terms of financing.
88. During the period of the financing, the Fund monitors the intended use of funds, the financial condition of the recipient of the financing, and the fulfillment of his obligations under the agreement, including the actual condition of the collateral provided.
89. In case of violation of the terms of financing, the Fund takes measures
(in court and out of court) to collect debts, foreclose on mortgaged property, restructure obligations, or apply other measures provided for by the civil legislation of the Republic of Kazakhstan and the terms of the agreement.
90. The acquisition of stress asset management services by subsidiaries is carried out by the Fund in order to provide support, monitoring, recovery, restructuring, sale and other management of assets owned by the Fund.
91. The acquisition of services of subsidiaries is carried out on the basis of a decision of the authorized body of the Fund, taking into account the nature of assets, the need for specialized support, the scope of proposed asset management activities, as well as the economic feasibility of involving a subsidiary.
92. Subsidiaries provide services to monitor the financial condition of debtors, support debt collection procedures, interact with debtors, ensure the safety of property, support judicial and enforcement procedures, organize the sale of property, analyze and evaluate assets, as well as carry out other activities aimed at improving the efficiency of managing stressful assets.
93. The purchase of services from subsidiaries is formalized by an agreement providing for the list of services provided, the timing of their provision, the procedure for interaction between the parties, the cost of services and the conditions for evaluating the results of the services provided.
94. The Fund implements special programs developed and approved by the Government of the Republic of Kazakhstan and (or) the National Bank of the Republic of Kazakhstan.
95. The implementation of special programs is carried out by the Fund in accordance with the conditions, objectives and mechanisms provided for in the relevant program documents and is aimed at achieving the objectives of ensuring financial stability, improving asset quality, restoring the solvency of financial market participants and improving the efficiency of asset management.
96. Depending on the conditions for the implementation of special programs, the Fund carries out:
1) participation in the acquisition, management, restructuring and (or) sale of assets and rights (claims) provided for by special programs;
2) financing, provision of support measures or other forms of participation provided for by the terms of special programs;
3) implementation of measures to improve asset quality, including debt restructuring, settlement of obligations and risk reduction;
4) monitoring and control over the fulfillment of the conditions of special programs by their participants;
5) preparation of reports on the progress and results of the implementation of special programs in accordance with the procedure established by the authorized bodies.
97. The implementation of special programs is carried out on the basis of decisions of the authorized bodies of the Fund and in accordance with the procedure, conditions and restrictions established by the relevant programs.
98. The Fund ensures the targeted and efficient use of resources involved in special programs.
99. In order to increase the value of assets, ensure their most efficient use, improve investment attractiveness and generate additional income, the Fund participates in the implementation of investment projects in accordance with the charter and internal documents of the Fund.
100. The implementation of investment projects is carried out in order to:
1) increase in the market value of assets;
2) involving property in economic turnover;
3) ensuring the safety and effective use of property;
4) completion of unfinished construction projects;
5) modernization, reconstruction, restoration or improvement of the technical condition of the property;
6) infrastructure development of facilities;
7) generating income from the use of assets;
8) reducing property maintenance costs;
9) achieving other economically sound asset management goals.
101. When considering an investment project, the Fund analyzes:
1) the technical condition of the property;
2) the legal status of the property and the presence of restrictions or encumbrances;
3) the market value and investment attractiveness of the asset;
4) estimated project implementation costs;
5) the projected economic effect and payback period;
6) the risks of the project and the possibility of minimizing them.
102. Information on the implementation of investment projects is posted on the Fund's Internet resource, the web portal of the Register of State Property and other open sources in order to attract potential investors and ensure the openness of procedures for the implementation of investment projects.
The terms of implementation of investment projects, including the financing procedure, allocation of costs, income and risks, the volume of investments, the timing of the project, the rights and obligations of the parties, are determined by the contract.
103. By decision of the authorized body of the Fund, investment projects are implemented with the involvement of investors, developers, contractors, management companies and other persons on the terms defined by the relevant agreements.
104. The Fund monitors and monitors the implementation of investment projects until the parties fully fulfill their obligations and complete the activities provided for in the relevant investment project.
_________________________________
Approved by Resolution No. 601 of the Government of the Republic of Kazakhstan on July 9, 2026
Requirements for assets and claims acquired (acquired) by the Joint-Stock Company "Problem Loans Fund"
1. These requirements for assets and claims acquired (acquired) by the Joint–Stock Company "Problem Loans Fund" (hereinafter referred to as the requirements) have been developed in implementation of part two of paragraph 1 of Article 132 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan" and establish requirements for assets acquired (acquired) by the Joint-Stock Company "Problem Loans Fund". loans" (hereinafter referred to as the Fund) to assets and claims.
2. The following basic concepts are used in these requirements:
1) assets – property, shares and (or) participation shares in the authorized capital of legal entities, claims on loans, loans acquired (acquired) by the Fund;
2) sovereign rating of the Republic of Kazakhstan – ratings assigned to the Republic of Kazakhstan by international rating agencies;
3) group of borrowers – a group of legal entities and (or) individuals who are borrowers on loans, loans issued, including under credit lines, who are simultaneously shareholders or participants or co-borrowers, mortgagors, guarantors of borrowers in this group;
4) rights of claim – the rights of claim for loans, loans acquired (acquired) from the National Bank of the Republic of Kazakhstan, second–tier banks (hereinafter referred to as banks) and legal entities that were previously banks.
3. The rights of claim are acquired by the Fund if the loans meet the following criteria:
1) loans (including those issued to a group of borrowers) with overdue principal debt and (or) accrued remuneration in excess of ninety calendar days, and (or) restructured at least three (3) times, and (or) with deferred payments for more than one (1) year, and (or) transferred banks to subsidiaries for the management of doubtful and uncollectible assets;
2) loans were granted to borrowers and (or) a group of borrowers, with the exception of legal entities with state participation;
3) loan obligations are secured by collateral of property, including securities issued by issuers resident in the Republic of Kazakhstan and included in the official list of Kazakhstan Stock Exchange Joint Stock Company (KASE) or Astana International Exchange Joint Stock Company (AIX), as well as by non-resident issuers of the Republic of Kazakhstan with a credit rating corresponding to or exceeding the sovereign rating of the Republic of Kazakhstan, with the exception of the types of collateral specified in subitems 2) and 3) of paragraph 4 of these requirements;
4) the main activity of the borrower (mortgagor) does not relate to:
forestry and fisheries;
water supply, sewerage systems, control over waste collection and distribution;
financial and insurance activities;
scientific and technical activities;
activities of extraterritorial organizations and bodies;
public administration and defense, compulsory social security.
The provisions of this paragraph do not apply to the following cases::
transactions made by the Fund before December 31, 2017 on acquired assets and claims from legal entities that were previously a bank;
transactions by the Fund approved by the decisions of the Government of the Republic of Kazakhstan;
acquisition by the Fund of the rights of claims and assets of the bank (by way of assignment) with simultaneous transfer of a commensurate debt of the bank to the Fund;
acquisition of the rights of claim by the Fund from the National Bank of the Republic of Kazakhstan.
4. The Fund acquires assets, including claims, from the National Bank of the Republic of Kazakhstan, banks and legal entities that were previously banks, with the exception of the following cases:
1) if the borrower (mortgagor) is undergoing voluntary liquidation, rehabilitation or bankruptcy procedures;
2) if the subject of the pledge is property and property rights located outside the Republic of Kazakhstan, and in cases of simultaneous sale of assets acquired by the Fund and the rights of claims to the buyer (investor), including on deferred payment terms – outside the territories of the states – members of the Commonwealth of Independent States, with the exception of securities issued by non-resident issuers of the Republic of Kazakhstan with a credit rating corresponding to or exceeding the sovereign rating of the Republic of Kazakhstan, or property restricted in civil circulation in accordance with the legislation of the Republic of Kazakhstan;
3) if the only collateral for the loan is:
computer equipment and machinery;
goods in circulation;
property coming in the future;
furniture items;
copyright;
licenses;
patents;
the right to rent;
trademark rights;
guarantees and guarantees of third parties.
The provisions of this paragraph do not apply to the following cases::
transactions made by the Fund before December 31, 2017 on acquired assets and claims from legal entities that were previously a bank;
transactions by the Fund approved by the decisions of the Government of the Republic of Kazakhstan;
acquisition by the Fund of the rights of claims and assets of the bank (by way of assignment) with simultaneous transfer of a commensurate debt of the bank to the Fund.
5. The requirements for the share of the value of an individual collateral item in the total collateral value are provided for in the internal documents of the Fund.
6. Additional requirements and restrictions to acquired (acquired) assets and claims rights are established by the Fund in accordance with the internal documents of the Fund.
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