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Armenian Government Approves Amendments To Banking Laws

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  • Armenian Government Approves Amendments To Banking Laws

    ARMENIAN GOVERNMENT APPROVES AMENDMENTS TO BANKING LAWS

    ARKA
    May 7, 2009

    YEREVAN, May 7. /ARKA/. Armenian Government approved the amendments
    to the country's Civil Code, as well as to the laws about banking,
    bankruptcy, about bankruptcy of banks, credit and investment
    organizations, the laws about security markets and insurance.

    The Vice-Chairman of the Central Bank of Armenia Vache Gabrielyan
    said that a new financial mechanism - subloan - is introduced under
    the amendments. The amendments give the subloan definition and
    makes changes to the procedure for meeting the claims of creditors,
    Gabrielyan said.

    If a debtor company is liquidated, the claims of the entity that
    provided the subloan are met only after the claims of the other
    creditors.

    "It is most risky and profitable transactions that are of particular
    interest to some investors and give an opportunity to increase the
    capital of organizations in a more flexible manner," Gabrielyan said.

    The amendments are expected to provide additional opportunities for
    attraction of loan capital, particularly for commercial and financial
    organizations, he said.

    From: Emil Lazarian | Ararat NewsPress
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