NMC REFINANCED CREDIT PORTFOLIO IN 2009 MADE UP 2.5 BILLION DRAMS

ArmInfo
14.01.2010

ArmInfo. Refinanced mortgage credit portfolio of the National Mortgage
Company (NMC) in 2009 made up 2.5 bln drams, CEO of NMC Universal
Credit Company Mher Yedigaryan told ArmInfo.

According to him, NMC expects to refinance credits at the rate of
about 400 mln drams till late January. Along with it, he said the
Company carries out refinancing also at the cost of 12 bln drams from
the Russian stabilization credit funds, provided by the government of
Armenia. "This amount is not so large taking into account a seasonal
factor", M. Yedigaryan emphasized. According to him, refinancing
rate by NMC currently makes up 7,5% per annum, and no change of this
indicator is envisaged as yet. The company CEO said that NMC refinances
mortgage credits for acquisition and repair of a real estate, secured
with the credited real estate mortgage, including those being acquired
and issued with prepayment of 30% of the housing cost. Moreover,
NMC refinances mortgage credits, extended by commercial banks and
universal credit companies with prepayment of 10% of the real estate
and against additional security in form of a real estate.

At present, M. Yedigaryan said, NMC has general agreements with
12 commercial banks and 2 credit companies, in particular, with
Armbusinessbank, ARARATBANK, Armeconombank, Artsakhbank, Anelik Bank,
Areximbank-GPB group, Ardshininvestbank, VTB Bank (Armenia), HSBC
Bank Armenia, Inecobank, Cascade Bank, Byblos Bank Armenia, as well
as the First Mortgage Company and Washington Capital. According to M.

Yedigaryan, it is scheduled to sign a regular agreement with one of
the country’s commercial banks some of these days.

To recall, Central Bank is a sole shareholder of the National
Mortgage Company Universal Credit Company with capital of 5 bln drams,
registered and licensed by Armenia’s Central Bank on June 16, 2009.