of August 3, 2006 No. 1094
Questions of provision of the state guarantees according to obligations of the Public mortgage institution
According to article 15 of the Law of Ukraine "About the Government budget of Ukraine for 2006" the Cabinet of Ministers of Ukraine decides:
1. Approve the Procedure for provision of the state guarantees according to obligations of the Public mortgage institution which is applied.
2. Determine that the Public mortgage institution for provision of the state guarantee brings in time, provided for interest payment behind borrowing under the state guarantees, payment at the 0,01 level of annual interest rate of remaining balance of the amount of warranty obligations.
3. Authorize the Minister of Finance to sign the document concerning provision of the state guarantee according to obligations of the Public mortgage institution in the amount of 1 000 000 thousand hryvnias on condition of observance of the requirements provided by Procedure which is approved by this resolution by it.
4. This resolution becomes effective since September 1, 2006 after coordination with Committee of the Verkhovna Rada of Ukraine concerning the budget.
Prime Minister of Ukraine Yu.EHANUROV
Approved by the resolution of the Cabinet of Ministers of Ukraine of August 3, 2006, No. 1094
1. This Procedure governs the relations connected with provision of the state guarantees by the Cabinet of Ministers of Ukraine (further - the state guarantees) for ensuring accomplishment of obligations on borrowings which are performed by bond issue (further - borrowing) the Public mortgage institution (further - Organization).
2. The state guarantees are provided according to obligations of Organization in the amount of which does not exceed the amount established by the Law on the Government budget of Ukraine for the corresponding year on condition of use in full of loans, which return with guarantee by the state, according to item 4 of this Procedure. The term of accomplishment of such obligations does not exceed seven years.
The amount of obligations on borrowings is expressed in hryvnias and cannot depend on change in the exchange rate of any foreign currency to hryvnia.
3. The organization performs borrowing by at least than three series by public placement of bonds of Organization.
4. The organization uses loans only for mortgage lending of banks on condition of concession them for the benefit of Organization at the acquisition price not below the nominal cost of its bonds of rights to claim on the mortgage housing loans (further - the credits) which meet the requirements approved by Organization to such credits (further - refinancing).
Placement of borrowings by Organization in the credits to mortgage providers - banks, accomplishment of obligations on which is provided with mortgage assets and other assets, types and requirements to which are established by National Bank for refinancing of banks, is allowed:
1) for up to 180 days for the purpose of forming of portfolio of the credits by banks;
2) for up to two and a half years for implementation of crediting of physical persons by banks - principals of funds of financing of construction for the purpose of acquisition in property of investment objects (housing) according to the Law of Ukraine "About financial and credit mechanisms and property management in case of construction of housing and real estate transactions".
In case of excess of noted terms implementation of borrowings by Organization stops before use in full of such borrowings for refinancing.
The term of refinancing is limited to the term of return of borrowings by Organization. At the same time the Organization can provide also longer term of refinancing, reserving the right to require return of means of refinancing a month before approach of term of return of borrowings, depending on sufficiency of means of Organization for return of borrowings.
Obligations of banks can be fulfilled on return of means of refinancing by transfer of bonds to Organization with the corresponding nominal cost.
The organization refinances banks at the rate which level provides the general receipts from refinancing sufficient for servicing of loans in full and coverings of expenses which are connected with activities of Organization.
Use of borrowings by Organization for financing of measures for provision of housing for separate categories of citizens who according to the legislation have the right to its obtaining, with use of the auction mechanism of determination of the smallest cost of 1 square meter of the new built housing or by acquisition of ready housing with subsequent its transfer of budgetary funds to the main managers for ensuring the specified categories of citizens is allowed.
5. The organization performs refinancing of banks which activities for the last six months shall answer the standard rates established by National Bank.
Refinancing is performed on condition of departure by banks for benefit of Organization of mortgage assets according to requests of banks about receipt of means of refinancing within limits of the amounts determined by the technique approved by Organization.
6. Requirements to the credits shall provide, in particular, the following conditions:
1) loan granting by banks is performed only in hryvnias for the purpose of acquisition of housing by physical person for permanent residence and for the purpose of improvement of such housing;
2) one or several real estate objects, free from any burdenings, which belong to the borrower or the property guarantor on the property right which is registered according to requirements of the legislation can be subject of mortgage;
3) the ratio between credit amount and estimated (market) value of subject of mortgage cannot exceed 75 percent, and in the presence of collateral security in the form of bail, guarantee, insurance, property rights on the deposit, additional real estate - 90 percent. At the same time the cost of collateral security shall constitute the amount which as a percentage at least difference between such ratio and 75 percent;
4) possibility of presentation by banks of the outstanding amounts of the credits to early repayment by borrowers in case of failure to carry out or unseemly accomplishment of obligations by them according to credit agreements within three months, and also failure to carry out of conditions of mortgage agreements, including damages, destructions or losses of subject of mortgage;
5) possibility of the address banks of collection regarding mortgage in case of dissatisfaction of the requirements noted in subitem 4 of this Item.
During the period before borrowing return change which is made to requirements to the credits are subject to obligatory coordination with the Ministry of Finance.
7. The organization informs by placement on the website and other methods banks on refinancing conditions, in particular on rate, term and the limiting amount of refinancing, the list of documents which go banks for receipt of means of refinancing, and also about the term of adoption of requests of banks by Organization for consideration.
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