Date:16/02/2005 URL: http://www.thehindubusinessline.com/2005/02/16/stories/2005021601590600.htm

Back NHB seeks easier access to ECBs

Our Bureau

New Delhi, Feb. 15

THE NATIONAL Housing Bank (NHB) has sought relaxations in the external commercial borrowing (ECB) norms to enable it to access the overseas market. It has told the Finance Ministry that accessing the overseas market would result in lowering its cost of funds.

"We are principally a refinance institution. If we are allowed to raise ECBs, it would help us reduce our overall cost of funds and provide refinance assistance to housing finance entities at finer rates," the NHB Chairman and Managing Director, Mr P.K. Gupta, said.

Mr Gupta said that NHB had also sought amendments to the Securities Contract Regulation Act to permit pass through certificates under the residential mortgage backed securities programme to be notified as securities.