Friday, April 15 2011 15:01

Armenian parliament discusses draft amendments to Law "On All-Armenian Bank" in first reading


ArmInfo. On April 14 the Armenian parliament discussed the draft amendments to the Law "On All-Armenian Bank" in the first reading. Deputy Chairman of the Central Bank of Armenia (CBA) Nerses Yeritsyan said that the amendments to the given law envisage positions overlapping of the chairman of the All-Armenian Bank and the chief executive officer of the Bank.

According to the amendments, the Bank will mostly attract funds from the issue of bonds as the most relevant tool for investment attraction in the short-term outlook. The draft amendments also stipulate compliance of the All-Armenian Bank's strategy with the Armenian government's strategic policy.

When commenting on the current state of this structure, Yeritsyan said that though the All-Armenian Bank is capitalized, the capital is to be increased. "Serious work was done in this dimension, and discussions were held with international structures and potential investors", he said and added that the tools (bonds) offered by the economic authorities of the country will also allow increasing the bank's capitalization.

When asked whether the All-Armenian Bank has any investment projects, Yeritsyan pointed out that the Bank has no projects yet, "but there is a good base for further development".

To recall, on Dev 24 2008 Armenian parliament adopted a Law "On All-Armenian Bank". The announced the stock capital of the bank is 100 mln USD, 20 mln USD of which was introduced by the Armenian government as an authorized capital. The rest 80 mln USD is to be attracted from donors and private business. The All-Armenian Bank is not a commercial bank and will carry out investment activity focusing on medium business crediting at preferential terms. The Bank is going to provide long-term loans in the spheres of IT, healthcare, education and tourism at lower interest rates than in the market.
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