Wednesday, April 5 2017 14:56
Alina Hovhannisyan

Armen Arshakyan: Electric Networks of Armenia never used banking guarantees during whole the performance history

Armen Arshakyan: Electric Networks of Armenia never used banking guarantees during whole the performance history

ArmInfo. Armenian Electric Networks JSC never used any banking during whole the performance history. This was stated by Armen Arshakyan, the Financial and Economic Director of Electric Networks of Armenia after the session of the Public Services Regulating Commission, which approved the allocation of  AMD 1.2 bln  Ardshinbank guarantee to the special account of  Electric networks of Armenia.

Following Arshakyan, according to the procedures on utilization of special accounts assets, this procedure has standard features. "The bank has to submit a guarantee in the limits of 1% of our average monthly billing, which will give an option to the Company to cover the liabilities in respect to the generating companies and operators," he mentioned. In this respect Arshakyan clarified that since the Company has been purchased by Tashir Group,  it had no overdue  liabilities in respect to generating stations. "In essence, this process is something like our overinsurance," he mentioned.  According to the source, the profit of ENA JSC, based on results of 2016, formed  AMD 23, 6 bln. The profit will be allocated for covering the overdue liabilities . An economic-financial audit is completed at the Company, implemented by international audit company of KPMG. The results of audit  will be published in the terms set forth by regulations.

To remind, in late September the Tashir Group and Inter RAO signed an agreement on buy-sell of electic power assets of Armenia. The subject of the transaction was the Electric Networks of Armenia JSC and Hrazdan TPP. All the assets will continue performing all the liabilities undertaken prior to the transaction mentioned.

According to the data of Armenian banks Ranking prepared by ArmInfo Agency as of  January 1, 2017, due to the credit exposures Ardshinbank holds the second position  - AMD 343,9 bln , within the annual growth for 18,4% . In respect to legal entities  lending Ardshinbank also holds the second position with a volume of AMD 257 bln, providing annual growth for 30, 4%. The credit portfolio share in the assets of the bank forms 68%, and in total credit exposures the share of Ardshinbank forms 13,12%. In 2016, Ardshinbank incread its  net profit in 2,3 times - up to AMD  4,6  bln, taking the 3rd position.

POST A COMMENT
Input digits     


News
Armenia, Hong Kong sign agreemnt abolishing double taxation Armenia, Hong Kong sign agreemnt abolishing double taxation 
French ambassador visits dam of Vedi reservoir French ambassador visits dam of Vedi reservoir 
Problems with tax evasion and illicit financial flows require  collective action and cooperationProblems with tax evasion and illicit financial flows require collective action and cooperation
Number of officially registered employees exceeds 752,000 in Armenia Number of officially registered employees exceeds 752,000 in Armenia 
First Yerevan-Batumi-Yerevan train leaves YerevanFirst Yerevan-Batumi-Yerevan train leaves Yerevan
Team Energy shaping electric vehicles culture in Armenia Team Energy shaping electric vehicles culture in Armenia 
Armenia to attract EUR 75 million from French Development Agency to  finance state budget deficitArmenia to attract EUR 75 million from French Development Agency to  finance state budget deficit
IMF Executive Board completes Third Review under Stand-By Arrangement  with ArmeniaIMF Executive Board completes Third Review under Stand-By Arrangement  with Armenia
Armenia to join Black Sea Basin. Interreg Next programArmenia to join Black Sea Basin. Interreg Next program
Armenian government, KfW to extend loan programme Armenian government, KfW to extend loan programme 
Jermuk Group CJSC to invest AMD 10.3bln in production of polyethylene  thermal insulation filmJermuk Group CJSC to invest AMD 10.3bln in production of polyethylene  thermal insulation film
AMD 600mln to be allocated for housing programme for large families AMD 600mln to be allocated for housing programme for large families 
EDB forecasts downtrend in GDP growth to 5% EDB forecasts downtrend in GDP growth to 5% 
Air Cairo airline launches Cairo-Yerevan-Cairo flights Air Cairo airline launches Cairo-Yerevan-Cairo flights 
European Commission to provide EUR 15mln to Armenia for forcibly  displaced Armenians European Commission to provide EUR 15mln to Armenia for forcibly  displaced Armenians 
USA interested in restoration of flood-destroyed bridges USA interested in restoration of flood-destroyed bridges 
Pashinyan: Pashinyan: "iGorts" program establishes organic link between our  compatriots in Diaspora and country`s state system 
Saving on Wildberries with IDBankSaving on Wildberries with IDBank
Armenian wines were awarded 5 gold and 11 silver medals at Concours  Mondial de BruxellesArmenian wines were awarded 5 gold and 11 silver medals at Concours  Mondial de Bruxelles
Armenia`s Minister of High-Tech Industry visits EUROSATORY exhibitionArmenia`s Minister of High-Tech Industry visits EUROSATORY exhibition
Armenia at the forefront of science and technology - Richard VermaArmenia at the forefront of science and technology - Richard Verma
EU to send EUR 100 thousand in humanitarian aid to Armenia to support villages most affected by floodEU to send EUR 100 thousand in humanitarian aid to Armenia to support villages most affected by flood
Sarah Morgenthau: US is ready to expand economic relations with  ArmeniaSarah Morgenthau: US is ready to expand economic relations with  Armenia
Armenia, Ukraine discuss possibilities of expanding trade and  economic cooperationArmenia, Ukraine discuss possibilities of expanding trade and  economic cooperation
EDB provides AMD 100 million to help overcome flood consequences in  ArmeniaEDB provides AMD 100 million to help overcome flood consequences in  Armenia
2024-2030 employment strategy presented in Armenia 2024-2030 employment strategy presented in Armenia 
Ardshinbank CJSC joins the Partnership for Carbon Accounting Financials.Ardshinbank CJSC joins the Partnership for Carbon Accounting Financials.
SCR launches Yerevan-Batumi-Yerevan trainSCR launches Yerevan-Batumi-Yerevan train
Large-scale road construction work suggests creation of new road  networkLarge-scale road construction work suggests creation of new road  network
EBRD appoints new Managing Director for Turkiye and the CaucasusEBRD appoints new Managing Director for Turkiye and the Caucasus
From January 1, 2026, medical insurance will become mandatory for   tourists  arriving in GeorgiaFrom January 1, 2026, medical insurance will become mandatory for   tourists  arriving in Georgia
IDBank issues the 3rd tranche of dollar bonds of 2024IDBank issues the 3rd tranche of dollar bonds of 2024
So that old age can be a joy! Present and future of funded pension  reform in ArmeniaSo that old age can be a joy! Present and future of funded pension  reform in Armenia
Premier: Armenia increases its level of sovereignty and independence  every dayPremier: Armenia increases its level of sovereignty and independence  every day
EventHub.am is the official ticketing agent for the concert of the world renowned Black Eyed Peas in TbilisiEventHub.am is the official ticketing agent for the concert of the world renowned Black Eyed Peas in Tbilisi
National Geographic recommends visiting Armenia as an attractive  tourist destinationNational Geographic recommends visiting Armenia as an attractive  tourist destination
Pashinyan: program for providing housing to forcibly displaced  persons from Nagorno-Karabakh is entering practical stage of  implementationPashinyan: program for providing housing to forcibly displaced  persons from Nagorno-Karabakh is entering practical stage of  implementation
Projects implemented jointly with Rosatom State Corporation discussed  in ArmeniaProjects implemented jointly with Rosatom State Corporation discussed  in Armenia
Assessing long-term impact of new US sanctions against Russia will  take time - Central Bank GovernorAssessing long-term impact of new US sanctions against Russia will  take time - Central Bank Governor
Martin Galstyan: Azerbaijan is not among top 50 remittance  destinationsMartin Galstyan: Azerbaijan is not among top 50 remittance  destinations
Armenian Parliament approves report on  Execution of State Budget for  2023Armenian Parliament approves report on  Execution of State Budget for  2023
Fly Arna staff demand salariesFly Arna staff demand salaries
Pashinyan: Work has begun on developing program to address priority  issues for restoring disaster zone Pashinyan: Work has begun on developing program to address priority  issues for restoring disaster zone 
Instant money transfers from Russia to Armenia with the “ФОРА-БАНК” appInstant money transfers from Russia to Armenia with the “ФОРА-БАНК” app
Since 2017, National Foundation for Servicemen Insurance has paid  monetary compensation to families of 5,345 dead, missing servicemenSince 2017, National Foundation for Servicemen Insurance has paid  monetary compensation to families of 5,345 dead, missing servicemen
Armenia`s CB revises GDP growth forecast for 2024 upward Armenia`s CB revises GDP growth forecast for 2024 upward 
Economic entities must not get accustomed to Economic entities must not get accustomed to "cottonwood existence" -  minister
State budget both financial and political document - minister State budget both financial and political document - minister 
Premier was presented with draft strategic employment programPremier was presented with draft strategic employment program
WB does not change previous improved forecast for Armenia`s GDP  growth of 5.5% in 2024 and 4.9% in 2025 WB does not change previous improved forecast for Armenia`s GDP  growth of 5.5% in 2024 and 4.9% in 2025 
Martin Galstyan: Under favorable conditions, loan interest rates may  dropMartin Galstyan: Under favorable conditions, loan interest rates may  drop
CBA: GDP above-potential growth and its non-widespread nature poses  uncertainties regarding relative position of aggregate demand versus  aggregate supplyCBA: GDP above-potential growth and its non-widespread nature poses  uncertainties regarding relative position of aggregate demand versus  aggregate supply
Central Bank Governor: Inflation in Armenia to approach 2.2%-2.5% by  end of yearCentral Bank Governor: Inflation in Armenia to approach 2.2%-2.5% by  end of year
Armenia`s Central Bank expects additional incentives after Government  increases spending on eliminating consequences of disaster Armenia`s Central Bank expects additional incentives after Government  increases spending on eliminating consequences of disaster 
idcoin: New tool in IDBank’s loyalty systemidcoin: New tool in IDBank’s loyalty system
Armenia`s Central Bank continues reducing refinancing rate Armenia`s Central Bank continues reducing refinancing rate 
Income tax on mortgage loans to be abolished in 2029 Income tax on mortgage loans to be abolished in 2029 
About 173 Million Drams and More Than 30 Beneficiary Funds. About 173 Million Drams and More Than 30 Beneficiary Funds. "The Power of One Dram" is 4 Years Old
Armenia to participate in Food Africa-2024 exhibition Armenia to participate in Food Africa-2024 exhibition
EasyPay Supports Launch of “Financial Literacy” Program by Armenian Code Academy and Technological Education Foundation EasyPay Supports Launch of “Financial Literacy” Program by Armenian Code Academy and Technological Education Foundation 
Read more
Exchange rates
24.06.2024
RUB4.41-0.14
USD388.05-0.47
EUR416.421.36
GBP491.390.49
CAD283.790.07
JPY24.33-0.11
CNY53.45-0.06
CHF434.50-0.87