ROUNDTABLE "MARKET SOURCES OF LONG-TERM FUNDS FOR FINANCIAL ORGANIZATIONS" HELD IN ARMENIA
Arka News Agency, Armenia
May 29 2007
YEREVAN, May 29. /ARKA/. A roundtable "Market sources of long-term
funds for financial organizations" has been held in Yerevan.
During his speech of welcome, Karl Fickenscher, Deputy Director of the
USAID office in Armenia, said that this roundtable is the first event
of this type aimed to discuss the mechanisms of obtaining long-term
funds by financial organizations.
The maim goal of the discussions is to find the ways of attracting
funds from Armenia’s alternative financial sources for banks and
credit organizations to meet the constantly growing demand for
long-term credits, he said.
According to him, the banks’ resources formed of deposits are
currently short-term resources, while clients want to receuive
longer-term credits.
This discrepancy between the sources of financing and long-term
crediting is an obstacle to the increase of the banking sector’s
share in Armenia’s economy, he said.
Fickenscher also pointed out that this event is part of the program of
developing Armenia’s financial sector, which envisages the enhancement
of efficiency of funds, facilitation of development and introduction
of a wider range of banking, mortgage, insurance, pension and other
mechanism.
The program is aimed at enhancing stability, provision and integrity
of Armenia’s financial sector, as well as assistance to the Central
Bank of Armenia in monitoring of financial organizations on the basis
of universal standards, Fickenscher said.
By March 31, 2007, twenty-one commercial banks and 17 credit
organizations had been operating in Armenia. The banks’ capital had
totaled AMD 127.9bln, liabilities AMD 42.5bln, assets 551.4bln.
Residents’ credit investments, deposits, factoring and leasing
operations totaled AMD 272.7bln.
By March 31, 2007, the capital of Armenia’s credit organizations had
amounted to AMD 8.9bln, liabilities AMD 17.6bln, assets AMD 26.4bln.
Residents’ credit investments, deposits, factoring and leasing
operations totaled AMD 25.6bln. ($1 – AMD 349.05).
From: Emil Lazarian | Ararat NewsPress
