GALA Invest Consulting tobynyng preziydenti Galina Shalghymbaeva hanym, Qazaqstanda qúndy qaghazdar naryghyn baqylaugha alatyn arnayy organ qúryluy tiyis degendi aitady.

«Kezinde, elimizde naryqtyng búl salasyn qadaghalap otyrghan Qúndy qaghazdar jóninde últtyq komissiya bolghany belgili, meninshe sol tәjiriybege qayta oralghanymyz dúrys. Óitkeni, Qazaqstanda mega baqylaushy (Qarjylyq baqylau agenttigi – «Isker») qúrghannan eshtene útqan joqpyz. Eger biz qor naryghyn damytugha shyn niyetpen nazar audaramyz desek, onda naryqtyng osy salasymen ghana ainalysatyn arnayy organ boluy tiyis», - deydi Shalghymbaeva hanym.

Mamannyng pikirinshe, qúndy qaghazdar jónindegi komissiyadan bas tarta otyryp, otandyq naryq, eng aldymen osy salanyng bilikti mamandarynan airylyp qaldy. Ekinshiden, qúndy qaghazdar naryghyn ýilestiru barysy atalghan naryqtyng damu qarqynynan qalys qalyp jatyr.

«Býgingi ózimiz bayqap otyrghan problemalar osydan tuyndap otyrsa kerek. Áriyne, qúndy qaghazdar emissiyasyn tirkeu formalidy týrde bolsa da jýrip jatyr, búl prosesti Qarjylyq baqylau agenttigi ýilestirip, qadaghalap ta otyr. Qaghaz jýzinde emiytent te qadaghalaushy organnyng barlyq talaptaryna say. Soghan qaramastan, qazirgi kýni biz kompaniyalardyng birazy defoltqa úshyrap jatqanyn kórip otyrmyz», - deydi Galina Shalghymbaeva.

GALA Invest Consulting basshysynyng búl pikirin «Tengry Finans» basqarushy kompaniyasynyng saraptau jәne tәuekeldi basqaru departamentining diyrektory Bauyrjan Tólepov te qarsy emes. Sarapshynyng payymynsha, songhy jyldary bank sektory birshama joghary dengeydi iygerip, jetekshi pozisiyagha shyqty, óz tarapynan búl jetistik – qor naryghyn qadaghalau mýmkindigin oisyratyp tastady.

«Mening oiymsha, qadaghalau qyzmetin meylinshe joghary dengeyge shygharghan dúrys, mýmkin, tipti, arnayy organ qúru jolymen de, ne bolmasa Qarjylyq baqylau agenttigi negizinde qadaghalau sharalaryn damytu kerek», - dep esepteydi Bauyrjan Tólepov.

Sarapshy mamannyng aituynsha, qazirgi tanda, sonday-aq emiytentterding qarjylyq esebine qatysty talaptardy kýsheytu kerek. Sonda, qolynda baghaly qaghazy barlar kompaniyalardyng shynayy qarjylyq jaghdayy jóninde tolyqqandy mәlimet alyp, tiyisti baghasyn beredi. Mysal retinde Tólepov myrza AQSh-tyng tәjiriybesin algha tartady, onda esep beru standarttary meylinshe qatan.

«AQSh-ta emiytentter esep mәlimetterin jýzden astam betke jazyp, úsynady. Onda kompaniyanyng bar qyzmeti, tipti kompaniya basshylarynyng bolashaq kórsetkishter jónindegi pikir-oyy týgel kórsetiledi. Al, bizde esep beru degeniniz, әnsheyin, formalidy týrde jýrgiziletin shara. Keyde, tipti, esep avtorlary dayyn núsqa, yaghny shablondardy qoldanghanday bolyp kórinedi, óitkeni keybireuler óz kompaniyasynyng atyn jazudy, ne esep beru kýnin kórsetudi de úmytyp jatady», - deydi sarapshy maman.

Desek te, Qarjylyq naryq pen qarjylyq úiymdardy retteu jәne qadaghalau agenttigining búl mәselede óz pikiri bar. Qarjylyq baqylau agenttigi qúndy qaghazdar naryghyn qadaghalau ýshin arnayy organ qúrudyng esh qajeti joq dep esepteydi.

«Bizde megaýlestirushi bar, yaghny qarjy naryghynyng barlyq salalaryn biriktirip otyrghan birtútas ýilestirushi. Megaýlestirushi jýrgizip otyrghan júmys ta nәtiyjeli, óitkeni biz qarjy naryghynyng әr sektoryn qadaghalap, baqylap, ýilestirip otyru jolynda bir izge salynghan biregey әdisterdi qoldanamyz. Sonymen qatar, biz naryq ishindegi prosester qarjy úiymdaryna qalay yqpal etip otyr jәne de tәuekel týrining bir segmentten ekinshisine ótu mýmkindigi bar ma, sony jiti qadaghalap otyramyz, aitalyq bank tәuekeli qúndy qaghazdar naryghyna ótip ketpey me, ne zeynetaqy, saqtandyru naryqtary úshynyp qalmay ma degen túrghyda», - dep týsindiredi búl túrghyda Qarjylyq baqylau agenttigi tórayymynyng orynbasary Alina Aldambergen.

Sonday-aq, Qarjylyq baqylau agenttigining ókili, emiytentterding defoltqa úshyrauyna baylanysty Agenttik qúndy qaghazdar naryghyna tiyisti dengeyde kónil bóle almay otyr dep payymdau qisynsyz, tipti orynsyz degendi aitady.

«Agenttik qúndy qaghazdardyng shygharyluy men investorlar qúqyn qorghaudy emiytentterge baghyshtap jýrgizedi. Qarjylyq baqylau agenttigi emiytentterding kredit sapasyna talap qoymauy tiyis, býgin kórinis berip jatqan defolttar osynyng saldary. Krdeit sapasyn naryqtyng ózi jәne investorlar anyqtauy tiyis. Alayda, is jýzinde biz investorlardyng búl mәselede әlsizdik tanytyp otyrghanyna kuәmiz, sondyqtan da olar defoltqa úshyrap jatyr», - dep týsindiredi Aldambergen hanym.

Sonymen qatar, Agenttik tórayymynyng orynbasary, býgingi tanda Qarjylyq baqylau agenttiginde qúndy qaghazdar shygharu tәrtibin kýsheytu jóninde zannamagha ózgeris engizu mәselesi qarastyrylyp jatqanyn iyilge tiyek etti.

«Biz baghaly qaghazdardy ústaushylardyng qúqyn qorghau baghytynda qosymsha týrde mynaday elementterdi úsynyp otyrmyz: «obligasiya ústaushynyng ókili» lauazymyn engizu, obligasiya ústaushylardyng jiynyn ótkizu, defolt barysynda, ne bolmasa shygharylym talabyn qayta qúryp, jasaqtauda emiytentpen kelissóz jýrgizu degendey. Qazirgi tanda emiytentter qolynda tiyisti qarjysy bolmasa da qúndy qaghaz shyghara beredi. Al, investorlargha búl qajet emes, olar búny talap etpeydi», - deydi Alina Aldambergen hanym.

«Qazaqstan Iskeri», №8 (28), 24-sәuir, 2009