NATIONAL ASSEMBLY MAKES AMENDMENTS IN LAW ON REMUNERATION, PROVISION OF SERVICES AND ENSURING SECURITY OF PRESIDENT OF RA
Noyan Tapan
March 18, 2008
YEREVAN, MARCH 18, NOYAN TAPAN. At the morning sitting of March 18,
the RA National Assembly passed 4 bills and legislative packages
discussed the day before, by which amendments have been made to some
current laws. The NA passed in the first reading the amendments and
additions to the RA Law on Remuneration, Provision of Services and
Ensuring Security of the President of the RA. The NA passed in the
second reading and completely the amendments and additions to the RA
Code of Administrative Infractions, the RA Law on Guaranteeing the
Compensation for Bank Deposits of Natural Persons, and the RA Law on
Bankruptcy of Banks, Credit Organizations and Insurance Companies.
According to the amendments and additions made to the RA Law on
Guaranteeing the Compensation for Bank Deposits of Natural Persons, it
is in particular stipulated that if the balance of an account is less
than 1,000 Armenian drams, no guarantee is given. It is also envisaged
that banks will be obliged to create an electronic information system
on guaranteed deposits and depositors, as well as that the sums
deposited with branches of foreign banks in Armenia will be guaranteed.
The National Assembly also ratified two international agreements
discussed the day before:
– The Council of Europe Convention on Laundering, Search, Seizure and
Confiscation of Proceeds from Crime and on the Financing of Terrorism,
signed in Warsaw on May 16, 2005,
– the agreement on financing the program signed between the Republic
of Armenia and the International Fund for Agriculatural Development
(IFAD) on January 8, 2008.
Under the latter agreement, Armenia will receive partial financing of
12 mln USD for the program of the total cost of 32 mln USD at 0.75%
annual ineterest rate and a repayment period of 2018-2047. The
IFAD will also allocate a grant of 0.5 mln USD for provision of
international technical assistance to the Fund for Economic Development
of Rural Areas and for payment of salaries of the fund’s employees.