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PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of December 22, 2005 No. 339

About approval of the Regulations on the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic

(as amended on 22-12-2014)

For the purpose of creation of funding mechanism for mortgage loans in the Azerbaijan Republic I decide:

1. Approve "Regulations on the Azerbaijani mortgage fund under National Bank of the Azerbaijan Republic" it (is applied).

2. Approve "Rules of issue of mortgage loans at the expense of means of the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic" it (is applied).

3. To Central Bank of the Azerbaijan Republic:

3.1. in 15-day time to approve structure and the staff list of the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic;

3.2. until the end of 2006 to provide to the President of the Azerbaijan Republic offers on transformation of the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic to joint-stock company and its privatizations;

3.3. within the powers to resolve other issues following from this Decree.

4. Charge to the Ministry of Finance of the Azerbaijan Republic to provide money transfer, the mortgage loans provided by the government budget of 2005 for financing, into the account of the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic.

5. To the Cabinet of Ministers of the Azerbaijan Republic in a month:

5.1. establish procedure for granting of the state privileges on mortgage loans and approve rules of use of these privileges;

5.2. together with the relevant state bodies to establish the social categories having right to use of the state privileges on mortgage loans;

5.3. establish sources of the means required for provision of the state privileges on mortgage loans;

5.4. within the powers to resolve other issues following from this Decree.

6. This Decree becomes effective from the date of publication.

 

President

Azerbaijan Republic Ilgam ALIYEV

Approved by the Presidential decree of the Azerbaijan Republic of December 22, 2005 No. 339

Regulations on the Azerbaijani mortgage fund under the Central bank of the Azerbaijan Republic

1. General provisions

1.1. The Azerbaijani mortgage fund (dalee-AIF) under the Central bank of the Azerbaijan Republic (further - the Central bank) is created according to the Presidential decree of the Azerbaijan Republic "About creation of system of mortgage loans in the Azerbaijan Republic" of September 16, 2005 No. 299.

1.2. The main objective of AIF consists in creation of the mechanism of providing the population in the Azerbaijan Republic in living space by long-term mortgage lending, rendering assistance to attraction to mortgage lending of local and foreign financial resources.

1.3. AIF in the activities is guided by the Constitution of the Azerbaijan Republic, the laws and other regulatory legal acts of the Azerbaijan Republic, and also this Provision.

1.4. AIF is the state institute, the legal entity, has the separate property which is in state-owned property, separate balance, bank accounts, seal with represented on it by the coat of arms of the Azerbaijan Republic and own name, the corresponding stamps and forms.

1.5. For implementation of the activities of AIF cooperates with bodies state, the authorities of the Azerbaijan Republic, physical persons and legal entities, and also in the procedure established by the legislation - with the international credit institutions.

1.6. AIF bears responsibility according to the obligations only the property which is at its disposal. AIF does not bear responsibility according to obligations of the state and Central bank, and the state and the Central bank - according to obligations of AIF.

1.7. AIF is not engaged in direct issue to the population of mortgage loans.

1.8. AIF finances the expenses by own income. Before emergence of possibilities of financing of AIF of the expenses these expenses are financed by own income by the Central bank.

1.9. The central office of AIF is located in the city of Baku.

2. AIF main functions

2. AIF performs the following main functions:

2.1. refinances the mortgage loans issued by authorized credit institutions;

2.2. establishes requirements concerning the refinanced mortgage loans;

2.3. for the purpose of attraction of financial resources performs issue of the securities provided with mortgage;

2.4. manages financial risks for ensuring stability and liquidity in the activities;

2.5. within the powers takes measures for the purpose of ensuring liquidity in the field of mortgage lending and attraction in AIF of cheap financial resources.

3. Powers of AIF

3. For implementation of the of the purpose and the AIF functions has the following powers:

3.1. receipt of rights to claim on the mortgage loans issued by authorized credit institutions according to requirements (standards) of AIF;

3.2. implementation of the rights and obligations according to the legislation on the mortgages acting as providing on the refinanced mortgage loans;

3.3. implementation according to the legislation of rights of possession, uses and orders concerning own property;

3.4. possession of possibility of opening of branches and representations in the territory of the Azerbaijan Republic;

3.5. attraction to the work of third-party experts, acceptance of adequate measures for increase in professional level of the employees;

3.6. implementation of advisory, information and other services concerning mortgage lending, and also implementation of training programs for the authorized credit institutions which are taking part in system of mortgage loan;

3.7. implementation of stipulated by the legislation other powers.

4. Forming of means of AIF

4.1. Means of AIF are created at the expense of the following sources:

4.1.1. assignments from the government budget of the Azerbaijan Republic;

4.1.2. receipts from activities of AIF, including the principal debt and interest payments on the issued credits;

4.1.3. the means received from placement of emissirovanny AIF of securities;

4.1.4. the foreign credits issued AIF-u, the help, grants and so forth;

4.1.5. other sources which are not forbidden by the legislation.

5. Storage and use of means of AIF

5.1. Money of AIF is stored in national currency on the bank accounts opened in the Central bank.

5.2. Means of AIF are used only for implementation by the provided this Provision of the purpose, functions and powers.

5.3. Free money of AIF can be placed only in the following directions:

5.3.1. in government securities;

5.3.2. in deposits in banks with high rating.

5.4. Means of AIF cannot be issued on credit to public authorities, the state and private enterprises, organizations and the organizations, and also are encumbered with obligations of any third party.

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