NMC refinanced credit portfolio in 2009 made up 2.5 billion drams

According to him, NMC expects to refinance credits at the rate of about 400 mln drams till late January. Along with it, he said the Company carries out refinancing also at the cost of 12 bln drams from the Russian stabilization credit funds, provided by the government of Armenia. "This amount is not so large taking into account a seasonal factor", M. Yedigaryan emphasized. According to him, refinancing rate by NMC currently makes up 7,5% per annum, and no change of this indicator is envisaged as yet. The company CEO said that NMC refinances mortgage credits for acquisition and repair of a real estate, secured with the credited real estate mortgage, including those being acquired and issued with prepayment of 30% of the housing cost. Moreover, NMC refinances mortgage credits, extended by commercial banks and universal credit companies with prepayment of 10% of the real estate and against additional security in form of a real estate.

At present, M. Yedigaryan said, NMC has general agreements with 12 commercial banks and 2 credit companies, in particular, with Armbusinessbank, ARARATBANK, Armeconombank, Artsakhbank, Anelik Bank, Areximbank-GPB group, Ardshininvestbank, VTB Bank (Armenia), HSBC Bank Armenia, Inecobank, Cascade Bank, Byblos Bank Armenia, as well as the First Mortgage Company and Washington Capital. According to M. Yedigaryan, it is scheduled to sign a regular agreement with one of the country's commercial banks some of these days.

To recall, Central Bank is a sole shareholder of the National Mortgage Company Universal Credit Company with capital of 5 bln drams, registered and licensed by Armenia's Central Bank on June 16, 2009.