THE VIRUS EXISTS IN CIS

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| 18:41:52 | 05-10-2005 | Politics |

The model draft about “Bankruptcy of Banks” has been in the processing
phase for the last two years and it is supposed to be adopted
on November 18 in the CIS Inter Parliamentary Assembly plenary
session. Today it was discussed during the international seminar in NA.

The deputy head of the RF Higher Court Experience Investigation
Administration Andrey Egorov represented the revised draft to the
participants of the seminar. He mentioned that the model laws give an
overall regulation but they give the opportunity to take into account
the peculiarities of national legislation. That is the draft has an
advise-giving character and it does not suppose direct application.

According to the RA Central Bank Advocatory administration head Pirouz
Sargsyan, the Law on Bankruptcy of Banks has been adopted in 1996 and
amended in 2004. According to her, the Armenian law is much better
than the model one as it has been tested. In her words, the model law
creates basis for improving the existing law. The Central Bank intends
to represent an offer to amend to law to the Parliament in 2006.