THROUGH ASSISTANCE OF HYPOTHECARY COMPANY CONCRETE PROGRAMMES WILL BE IMPLEMENTED
NKR Government Information and Public Relations Department
November 08, 2008
On October 8, 2008, with participation of the NKR Prime Minister Ara
Haroutyunyan and representatives of the RA Central Bank discussion
concerning foundation of a Hypothecary Company, its essence and
activity was carried out. It was noted, that Hypothecary companies
are mainly founded on the basis of state and private cooperation
principles aimed at creation of long-term credits, which will be
allotted for settle term housing financing.
A Hypothecary Company obtains hypothecary credits from financial
institutions (banks, crediting companies), by securing these credits
edits stocks, then means received from it are aimed at obtaining new
hypothecary credits. Thus, in the result of rendering hypothecary
credit to Hypothecary Company, financial institutions get a chance
to overcome difficulties in rendering means on long-term credits.
The specialist of the Hypothecary Company noted that the activity
of a hypothecary company may be divided into two main directions:
refinancing of hypothecary credits rendered by financial institutions,
and refinancing of social housing programmes.
Investing a sum equal to 1.2 mlrd drams once, the Hypothecary Company
will be able to secure financing of a housing programme at cost of
3.6 mlrd drams within 3 years (about 320 flats). The total cost of
the programme will form 4.5 mlrd drams, and yearly expenses of the
state – 207 mln drams.
In conclusion of the discussion, concerning efficiency of making
use of services rendered by the Hypothecary Company, the NKR Prime
Minister A.Haroutyunyan expressed gratitude to the leadership of the
RA Central Bank for cooperation, and hoped to start implementation
of concrete housing and other social programmes in the Republic from
June-July 2009.