NATIONAL ASSEMBLY STARTS DEBATES ON BANK DEPOSITS COMPENSATION BILL
ArmenPress
Sept 13 2004
YEREVAN, SEPTEMBER 13, ARMENPRESS: Central Bank governor
Tigran Sarkisian presented today to parliament’s consideration a
government-designed bill on compensating banking deposits of physical
persons, saying the bill calls for creation of the Bank Deposits
Compensating Fund to protect all citizens’ deposits if the bank is
declared bankrupt or insolvent.
The Fund is to collect financial means which will be used for returning
the deposits. Sarkisian said Armenian commercial banks have been
making obligatory payments to the Fund for 12 months already in the
amount of 0.5 percent of their assets’ value, but added that after
the passage of the law, the payment amount will reduce to 0.2 percent.
He said some 480 million drams have been already accumulated on it. The
fund has also received 3.5 million euros from a German KfW bank for the
same purpose. Sarkisian said under the bill the amount of compensation
is 2 million for deposits in Armenian Drams, while deposits in foreign
currency will be compensated in the amounted of 1 million drams. He
explained the difference by the stable growth of drams’ value against
the US Dollar and the volume of the GDP, adding also the amount of
compensations may grow together with the growth of the GDP.