ASTANA. February 13. KAZINFORM /Muratbek Makulbekov/ Measures taken by the Government of Kazakhstan to stabilize financial system of Kazakhstan arouse great interest among the public. There appear different views upon the cause of the state taking over the largest banks of the country. Moreover, last autumn the Government announced of its plans to acquire 25% stake of four main banks. This measure was taken on «Kazkommertsbank» and Halyk Bank. Meanwhile the purchase of 78% stake of the BTA (Bank Turan Alem) followed by dismissing of its management was interpreted as the nationalization of the bank. According to the explanation of the Government, the purchase of this share capital was necessary for the bank’s sustainable functioning. The bank’s market capitalization to the moment of the Governmental decision - to the moment of opening of tenders at Kazakhstan stock exchange on February 2 - amounted to KZT 70,35 billion at the price of KZT 8 401 per share. Totally KZT 251.3 billion was needed for the capital adequacy ratio of the bank. The Government granted loans to the bank in sufficiency. The reason of such radical solution was that «BTA Bank» as well as «Alliance Bank» was on the verge of default. According to Minister of Finance Bolat Zhamishev, funds of the «BTA Bank» went to the off-shore areas without hope of return back to the country. Last time both banks worked due to the support of the Government. Chairman of the National Bank of Kazakhstan Grigory Marchenko informed that these banks made payments at the expense of the National Bank loans during last few months. It became known that shareholders of the banks had no possibility to enlarge their stock. Thus the purchase of major part of the bank assets by the Government became the only measure to prevent financial collapse and preserve savings of the population. It should be noted that according to the Law «On Join Stock Companies» the state as a shareholder will be responsible for all banks liabilities. In addition, it was announced that negotiations with the number of strategic investors on assignment of shares are being held. Among them is «Sberbank of Russia» According to M. Ablyazov’s address to the Head of the State, over USD 1 bln was necessary for normal activity of the bank. The previous management of the bank only promised to find those means while the Government found and injected them in the bank.