Agreement on restructuring bad assets to be signed in Azerbaijan

Mon 11 December 2017 12:08 GMT | 12:08 Local Time

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The Financial Market Supervisory Authority of Azerbaijan (MBNP) and commercial banks start discussing a collective agreement for restructuring bad assets, Interfax-Azerbaijan reports.

The representatives of the Authority, banks and Azerbaijan Banks Association have held a meeting during which a presentation 'Baku approach' was held on creation of a mechanism for control over bad assets of the banks.

The "Baku approach" envisages conclusion of a collective agreement between the banks, regulator and ABA for restructuring the bad assets on the balance of credit organizations.

The aim of signing such an agreement is to coordinate common principles of restructuring bad assets, reducing to minimum the losses in process of restructuring and preventing the bankruptcy of economic objects whose rehabilitation is possible.

"The meeting partidipation supported the restructure of such debts. By results of the meeting it was decided to start talks to conclude a collective agreement and to create a working group of representatives of banks and MBNP for regulation of this issue," the statement reads.

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