Armenia needs united database of movable property

He said Armenia has had a task to register the movable property for several years, but in crisis conditions it has become more acute. If credit recovery rate was high earlier, now it is inadmissibly low because of certain reasons. This creates problems with search and realization of the pledge, A. Ghukasyan says. This problem is connected both with banks and other institutions operating in the country, he says.

In addition, Ghukasyan says, there are certain legislative contradictions hindering normal activity of the banks. The Union of Banks of Armenia together with the Central Bank and the Governmental State Revenue Committee is working to liquidate the problems with alienation of property of unscrupulous debtors. We have a Civil Code that provides the banks as a creditor with a right to alienate proceeds from the property of unscrupulous debtors, he says. The Tax legislation contains two articles hindering this procedure. Ghukasyan believes that to form a competitive banking system, further raise investments from international financial structures, it is necessary to liquidate such uncertainties.