Wednesday, June 23 2010 19:14

Refinanced credits portfolio of National Mortgage Company totals 6.3bln AMD


ArmInfo. Since its establishment the National Mortgage Company (NMC) has refinanced 780 loans worth a total of 6.3bln AMD, the head of the Financial System and Financial Stability Policy Department of the Central Bank of Armenia Vahe Vardanyan said during a press-conference today.

He said that the Armenian banks show high interest in the NMC's refinancing activities. "In the next few months we are expecting to receive funds under the second stage of KfW's program to develop stable mortgage market in Armenia and this money is supposed to be placed through the agency of the NMC," Vardanyan said.

In late 2009 the refinanced mortgage loans portfolio of the NMC totalled 2.5bln AMD. The interest rate was 7.5%. The company refinances mortgage loans provided for the purchase and repair of real estate, secured with the credited property. The prepayment for such loans is 30% of the cost of the property. The company also refinances mortgage loans issued by commercial banks and universal credit organizations with 10% prepayment against additional security (real estate).

In early 2010 the NMC had contracts with 12 commercial banks and 2 credit companies: Armbusinessbank, ARARATBANK, Armeconombank, Artsakhbank, Anelik Bank, Areximbank-Gazprombank Group, Ardshininvestbank, VTB Bank (Armenia), the First Mortgage Company and Washington Capital.

The only shareholder of the NMC is the Central Bank of Armenia. The company was registered June 16 2009. Its capital totals 5bln AMD.

The first stage of KfW's program to develop stable mortgage market in Armenia was launched in 2006. A total of 12mln EUR was lent in two equal tranches under this program in 2007-2008 with 1.5mln EUR granted for consulting activities.
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UCO CJSC "GLOBAL CREDIT"1
UCO CJSC "GLOBAL CREDIT"3
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UCO CJSC "GLOBAL CREDIT"7
"National Mortgage Company"2A
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