BEST EXPLANATORY BOOKLETS REWARDED BY ARMENIAN CENTRAL BANK

ARKA
July 8
YEREVAN

The award ceremony of the winners of the "Best Explanatory Booklet"
prize was held at the Central Bank of Armenia.

Booklets published by a bank, loan institution or insurance company
had been considered for the contest.

HSBC Bank Armenia, ACBA Leasing loan institution and London Yerevan Co.

insurance company were the prize-winners.

CBA Vice-Chairman Vache Gabrielyan said the explanatory booklets
published by these organizations were recognized the best ones based
on four criteria: design, information providing style, contents and
comprehensibility.

Gabrielyan said in 2007 a special department was created within the
CBA system to specify methodological principles of settling problems
concerning the consumer rights and financial sphere. Besides a number
of laws focusing on improved consumer rights were adopted this year.

Vahe Vardanyan, Chief of the CBA Financial Policy and Analyses
Department, said some shortcomings, too, were found in the booklets
most of them related to insufficient information. Vardanyan said such
booklets should provide richer information year after year.

Twenty-two commercial banks, 21 loan institutions and 11 insurance
companies are currently operating in Armenia. N.H.