Yushchenko recommends NBU buy out State Mortgage Institution bonds

President Viktor Yushchenko issued a decree yesterday that requested the Cabinet of Ministers allow the National Bank of Ukraine to buy out bonds issued by the State Mortgage Institution from commercial banks in order to facilitate the banks’ issuance of loans to complete half-finished residential projects. The presidential decree stipulates proceeds be used to finish the construction of residential buildings at least 70% completed, and for loans to individuals to build or purchase housing.