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Banks encouraged to issue mortgage bonds
RBC, 11.11.2008, Moscow 14:57:58.The Agency for Housing Mortgage Lending is ready to provide RUB 500bn (approx. USD 18.55bn) worth of guarantees for mortgage bonds issued by banks, the agency's head Alexander Semenyaka said today. The market's main potential currently hinges on mortgage bonds, provided these are duly backed by the agency, according to Semenyaka. The agency will take up risks associated with mortgage bonds, while the banks issuing such bonds will be entitled to the Central Bank's financial help. Semenyaka noted that the competitive environment on the mortgage lending market was expected to return to normal in the second half of 2009, suggesting that the amount of mortgage credit would go up.
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