Securitisation for Ua Athorn
The state-owned Secondary Mortgage Corp (SMC) is to sign a memorandum of understanding with the Government Housing Bank and National Housing Authority to securitise the Ua Athorn Housing project, initiated by the Thaksin administration, to a value of Bt10 billion.
"The MoU signing is in the pipeline, but we are waiting for a clear policy from the new government as it is one of the projects under investigation by the Office of the Auditor- General," SMC board member Sombat Thamrong-thanyawong said yesterday. The SMC is also waiting for the incoming government to appoint its managing director. A committee set up earlier to select a new managing director chose Duangporn Apasilp, former executive of Asia Credit Finance, recently renamed ACL Bank. Sombat said the SMC had Bt2.2 billion in non-performing loans at the end of August. Of this amount, loans worth Bt996.14 million have already been settled and the remainder are under the court process. "As we estimated initially, we get better returns if we handle the bad loans ourselves rather than sell them to the Thai Asset Management Corp. Usually, bad loans are sold at about a 50-per-cent discount," he said. At the end of March, the SMC's assets were worth Bt5.75 billion, of which Bt4.73 billion was liabilities and Bt1.02 billion was capital.
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