ARTAK KYURYUMYAN IS APPOINTED THE DIRECTOR OF THE DEPOSITS INSURANCE
FUND OF ARMENIA
YEREVAN, May 23. /ARKA/. Artak Kyuryumyan is appointed the Director of
Deposits Insurance Fund of Armenia. According to CBA Press Service,
such decision was made on the base of the competition by the trustees
during the regular session of the Council of the Fund on May 20, 2005.
Kyuryumyan worked in RA Ministry of Finance and Economy from Feb 2000
till June 2001, where he occupied the post of a Deputy Treasurer.
Before the appointment to the post of a Director of the Fund for
Insurance of Deposits he provided consulting services (in
“PricewaterhouseCoopers” consulting company, “Bank World Inc.”, etc.).
On November 24, 2004 RA Parliament adopted during the third and final
reading the law on guarantying compensations of bank deposits of
individuals. In the framework of the law Deposits Insurance Fund was
established at the expense of funds of commercial banks, into which
quarterly payments were made. The fund guarantees deposits in foreign
currency equivalent to AMD 1 mln., and deposits in AMD amounting to
AMD 2 mln. The law concerns the banks, which will work in normative
field from July 2005, and it doesn’t concern branches of foreign
banks, which according to the RA legislation, have no right to attract
deposits in Armenia. A.H. –0-