MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities.
AIZhK's head, Alexander Semenyaka, told journalists that the agency is ready to guarantee up to 500 billion roubles ($18.55 billion) worth of such securities.
"We have every reason to believe that in the nearest future the central bank will include in its lombard list (mortgage-backed) securities backed by AIZhK," he said.
The measure should enable the commercial banks to borrow more money from the central bank at a time when the global credit crunch has sapped other sources of funding and capital flight from emerging markets has significantly reduced the domestic interbank market.
AIZhK, a state-owned company charged with the development of the home loan market, also plans to place its own mortgage-backed securities by means of swapping them for a pool of mortgages from commercial banks this year and next.
"The demand from banks is big...The placement will be in the form of an exchange agreement -- it (the bank) buys our bonds, and we buy its assets," Semenyaka said.
"Mortgage bonds have a rating, so banks will take them and then use in repo auctions with the central bank."
AIZhK got a 60 billion rouble capital injection from the government to help it refinance banks' mortgage portfolios.
(Reporting by Yelena Fabrichnaya, writing by Toni Vorobyova, editing by Andy Bruce) ($1=26.96 Rouble) Keywords: RUSSIA MORTGAGES/

(antonina.vorobyova@reuters.com; Tel: +7495 7751242, Reuters Messaging: antonina.vorobyova.reuters.com@reuters.net)

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