ARMENIAN GOVERNMENT APPROVES AMENDMENTS TO BANKING LAWS
ARKA
May 7, 2009
YEREVAN, May 7. /ARKA/. Armenian Government approved the amendments
to the country’s Civil Code, as well as to the laws about banking,
bankruptcy, about bankruptcy of banks, credit and investment
organizations, the laws about security markets and insurance.
The Vice-Chairman of the Central Bank of Armenia Vache Gabrielyan
said that a new financial mechanism – subloan – is introduced under
the amendments. The amendments give the subloan definition and
makes changes to the procedure for meeting the claims of creditors,
Gabrielyan said.
If a debtor company is liquidated, the claims of the entity that
provided the subloan are met only after the claims of the other
creditors.
"It is most risky and profitable transactions that are of particular
interest to some investors and give an opportunity to increase the
capital of organizations in a more flexible manner," Gabrielyan said.
The amendments are expected to provide additional opportunities for
attraction of loan capital, particularly for commercial and financial
organizations, he said.
From: Emil Lazarian | Ararat NewsPress
