Author: Tavakalian Edgar

Baku Today, Azerbaijan
Aug 20 2004

Presidents of Russia and Armenia Meet In Sochi

Russian and Armenian Presidents are to discuss issues of recovery of
situation in the Caucasus during their today meeting in Sochi.

According to Russian media, Moscow and Yerevan are seriously
concerned with aggravation of situation in the Southern Osetia. That
is why Putin and Kocharian plan to have “a thorough exchange of
opinions” with aim to apply regional mechanisms and also peacemaking
possibilities of CIS.

It is planned to examine interaction issues within frames of
organization of Agreement on collective security, and joint measures
in the struggle against terrorism just as well.

Besides, Parties are to consider the issues of realization of
bilateral agreements in the sphere of trade and investments, in the
spheres of energy and transport.

Xinhua General News Service
August 17, 2004 Tuesday 3:00 PM EST

Results of men’s 62kg weightlifting at Athens Olympics

ATHENS

Following are the results of men’s 62kg category weightlifting at the
28th Olympic Games Monday evening:

1. Shi Zhiyong, China, 325kg (152.5/172.5)

2. Le Maosheng, China, 312.5 (140/172.5)

3. Leonidas Sampanis, Greece, 312.5 (145/167.5)

4. Israel Jose Rubio, Venezuela, 295 (132.5/162.5)

5. Armen Ghazaryan, Armenia, 295 (135/160)

6. Gustar Junianto, Indonesia, 292.5 (132.5/160)

7. Samson Ndicka, France, 287.5 (127.5/160)

8. Umurbek Bazarbayev, Turkmenistan, 287.5 (130/157.5)

PRESS OFFICE
Armenian Holy Apostolic Church Canadian Diocese
Contact; Deacon Hagop Arslanian, Assistant to the Primate
615 Stuart Avenue, Outremont Quebec H2V 3H2
Tel; 514-276-9479, Fax; 514-276-9960
Email; [email protected]
Website;
August 13, 2004

BISHOP BAGRAT GALSTANIAN CELEBRATES DIVINE LITURGY IN TORONTO

On Sunday, August 8, Bishop Bagrat Galstanian, Primate of the Diocese of the
Armenian Church of Canada, celebrated the Divine Liturgy and delivered the
sermon in the Holy Trinity Armenian Apostolic Church of Toronto.

During the Holy Badarak, the Primate read the Encyclical (Gontag) of His
Holiness Karekin II, Catholicos of All Armenians, whereby His Holiness announced
the bestowment of the first order Pontifical award of St. Nersess the
Shenorhali Medal to Vehamayr Ovsanna Sarkissian, the mother of Catholicos Karekin I of
blessed memory, on the occasion of Vehamayr’s 100th birthday. The centenarian
Vehamayr was unable to attend the ceremonies in the church, and both the
Encyclical (Gontag) and the medal were handed to the late Catholicos’ brother and
sister Mr. Zohrab and Ms. Yester Sarkissians.

Following the Divine Liturgy, inauguration of gifts to the church by two
devoted families was conducted. Rev. Archpriest Fr. Zareh Zargarian, Pastor of
Holy Trinity Church invited Mr. and Mrs. Sarkis Sahakian and Mr. Berdj Sevazlian
families to proceed in front of the Altar, where the benefactors received
Bishop Bagrat Galstanian’s blessings and words of gratitude. On this occasion
Bishop Galstanian highly praised the efforts of Rev Fr Zareh to further flourish
and better serve the community and the Holy Trinity Armenian Church. The
benefactors then unveiled the Primate’s throne and the special chairs they had
donated to be used by the clergy in a special section of the church. The Primate
delivered his message of the day and blessed the congregation.

* * *

ST. CATHARINE’S ARMENIAN COMMUNITY IS READY TO WELCOME THE FIRST ANNUAL
ARMENIAN YOUTH PILGRIMAGE

St Catharine’s Armenian Community is ready to welcome the participants of the
First Annual Armenian Youth Pilgrimage to St Catharine’s. Upon the directive
and instruction of His Eminence Bishop Bagrat Galstanian, the oldest and the
first Armenian Apostolic Church in Canada, St. Gregory the Illuminator Armenian
Apostolic Church of St. Catharine’s, On., will be hosting the first Annual
Armenian Youth Pilgrimage.

The interchurch pilgrimages are the first of His Eminence’s many undertakings
to revitalize the spiritual journey of our faithful in Canada. On the
occasion of the feast of St Mary, the Holy Mother of God, pilgrims from Montreal,
Laval, Toronto and Ottawa will participate in this historic event that will take
place starting Saturday, August 14th. in the evening and continue on Sunday,
August 15th with the 74th Annual “Blessing of the Grapes” Holy Badarak and
traditional Picnic to be held in St. Catharine’s.

* * *

CANADIAN YOUTH MISSION (CYMA) PARTICIPANTS ARE BACK FROM MOTHERLAND, ARMENIA

The Canadian Youth Mission to Armenia (CYMA) participants came back from
motherland Armenia on Friday, August 6, 2004. This year CYMA members achieved
their mission in the kindergarten of Saghmosavank. The team renovated the walls,
the floor and repainted the rooms and hallways of the kindergarten.

During their stay in Armenia, a day camp gave CYMA participants the
opportunity to interact with the local children by working on arts and crafts, social
activities and sports. Visitations to the families were made by CYMA
participants and clergy, offering spiritual and humanitarian relief to families living
in dire circumstances. They also visited churches, landmarks and monuments,
including an official visit to His Holiness Karekin II, Catholicos of All
Armenians, the Mother See of Holy Etchmiadzin, Genocide Memorial, Lake Sevan, Yerevan
and other monuments. Under the guidance of local professionals, participants
took part in workshops to learn the history of the land and of the Church,
as well as the culture through singing, dancing and drawing.

Here is a bouquet of the thoughts of our participants, obtained from the
news media of Armenia.

Sevan Terjanian
This 23-year old young man lives in France. He sells fruits in a supermarket,
sings and paints. It is his first visit to the motherland.
I must live in the village
“I feel that I am a small part of Armenia. I want to stay in Armenia. Next
year I plan to come and live here for at least 2-3 years. I will not live in
Yerevan. I will live in the villages. I cannot explain why, but this is the real
life. Life in the city is not right. In France life is money, clothes,
entertainment. Here it is not that game people play. This is the real life.”

Angela Garabedian
Angela’s mother is Swedish; her father is Armenian. It was the first time
that the 25-year old lady was visiting her father’s homeland. She could not speak
Armenian. She knew only one word – “Genatset”. Her specialty is planning. She
is looking for a job.
“I have come to see the land of my dad’s forefathers, and to renovate the
kindergarten, which is what we have come for.”
Carrying from Armenia
“I am carrying beautiful memories with me from Armenia. Now I know and
understand my homeland. I thank the leaders of SYMA for having organized this
miraculous trip, and I would like also to thank the family that hosted me in their
house in Armenia.”

Vahe Mekerdoumian
18-year old Vahe has just graduated from High school and is ready to enter
university. He wants to become a historian and study the history of the Armenian
people.

Man is brother to other men
“This is my first visit to Armenia. I have traveled to many countries, though
I do not remember well the names. I loved Armenia. This is a beautiful
country. It is my country, and I like to communicate with my people. I have come and
talk to Armenians and feel good about myself, because I talk to everybody in
my own language. In Armenia a man is brother to other men.”

Money is not happiness
“Here people work hard but they are happy, because money is not happiness.
The youth here are more active, and they are concerned about their lives. They
are able to create work for themselves. They are good chess players. I like to
play chess very much. I have won a few games and have lost some.”

Alex Paylan
17-year old Alex came to Armenia because he wanted to understand the
Armenians. In Canada his family owns a business in diamonds.

The Armenians
“Armenians are very hospitable. I had a very good time in Yerevan. Here the
buildings are very beautiful and food is very delicious. Yerevan is a beautiful
city, the most beautiful city I have seen. I will return here so that I will
better understand the Armenians.”

Melanie Hadjinian
This is the second time the 20-year old Melanie visits Armenia. The first
time was to see Armenia that she had read about in books, and this second time to
find out how people live here and what are the similarities and differences
between Canada and Armenia.
“We have many similarities, but we also have differences. For example, we
speak different languages. Here in Armenia people are very close to each other.
They are very hospitable, which is absent in Canada. Over there people are cold
towards each other. Even though Canada has changed me a lot, I still believe
there are a lot of similarities.”

* * *

ARARAT SUMMER YOUTH CAMP OPENED ITS DOORS FOR 2004 PARTICIPANTS

On Monday, 9 of August 2004 the Diocesan Summer Camp opened its doors to the
participants of 2004 Ararat Camp at Woodland Trails Conservation Area. From
the very first day of his election, Bishop Bagrat Galstanian, underlining the
importance of Summer Youth Camp in the spiritual growth of our young generation,
appointed Fr. Komitas Mirzakhanyan, to form and chair the Diocesan Summer
Youth Camp Committee.

During the last months, members from the Mississauga and Toronto parishes met
several times to discuss the Diocesan Summer Camp Project. A camp search
sub-committee has been set up to continue the task of looking for appropriate
permanent camp facilities.

The Diocesan Summer Camp Committee is comprised of the following members: Fr.
Komitas Mirzakhanyan, Dr. Harry Sakarya, Dn. Vrej Berberian, Hilda Sakaloglu,
Diana Walsh, Maida Icliates, Sella Kaltakjian, Levon Kaltakjian, Paynaz
Altunyuzuk, Hagop Dokmecian, Taline Baltayan, Arno Ermarkaryan, Taleen Balian, and
Mari Marinosyan.

* * *

HOLY ETCHMIADZIN OPENS NEWLY RENOVATED SEMINARY

Last Thursday (8/5), the newly renovated Gevorkian Theological Seminary of
the Mother See of Holy Etchmiadzin was re-opened during a ceremony presided over
by His Holiness Karekin II, Supreme Patriarch and Catholicos of All
Armenians. Present for the opening ceremonies were hundreds of clergy and faithful,
including Kevork and Sirvart Hovnanian, who sponsored the year-long construction
and renovation work on the historic building. (Mr. Hovnanian is chairman of
the Fund for Armenian Relief and the Armenian Church Endowment Fund.)

Speaking at the opening celebration was Archbishop Khajag Barsamian, Primate
of the Eastern Diocese, who told of the unique role the Gevorkian Seminary
plays in the preparation of young clergymen, noting that it has an irreplaceable
duty in guaranteeing the future of the Armenian Church. Currently, more than
300 seminarians study at the school, which was founded in 1874 by Catholicos of
All Armenians Gevork IV.

(Source: Mother See of Holy Etchmiadzin, 8/7/04)

PRESS RELEASE
Eastern Prelacy of the Armenian Apostolic Church of America
138 East 39th Street
New York, NY 10016
Tel: 212-689-7810
Fax: 212-689-7168
e-mail: [email protected]
Website:
Contact: Iris Papazian

Eastern Prelacy: CROSSROADS August 12, 2004

PAN-DIASPORA CONFERENCE CONCLUDES
The international conference on Armenian education came to a successful
conclusion. The conference took place in Bikfaya, Lebanon, the site of the
Cilician See’s Theological Seminary. The theme of the conference was
Armenian Education in the Diaspora.

In his opening address His Holiness Aram I identified the concerns and
challenges facing the Armenian Christian educational context of pluralistic
societies. He addressed a number of critical issues, and then posed two
questions: What does it mean to be an Armenian Christian? How should we
form the Armenian Christian for tomorrow? His Holiness underscored the
crucial importance of re-evaluating and renewing our educational
methodologies, strategies and programs by making them more relevant. His
Holiness proposed that Armenia and the Diaspora together engage in a process
of developing a Pan-Armenian educational policy with particular emphasis on
the worldwide Armenian Diaspora.

The agenda of the conference included the following topics: The actual state
of education in different continents where Armenian communities live; the
implications of globalization to education; the role of the church in
Armenian Christian formation; the family as an important educational
instrument; the impact of pluralistic societies on Armenian Education; the
use and misuse of technology in education; the role of the textbooks and the
extra curricula activities; human resources; formation and training; the
contribution of Saturday schools, Sunday schools and children’s camps to
education; the importance of new community schools for the Armenian
communities established in the West.

In his closing remarks His Holiness identified three words which should
occupy a central place in our educational work: relevance, coherence and
integrity. He said, We are living in different contexts. We must, therefore,
develop different educational procedures and strategies. We are citizens of
different countries, yet we are Armenians and part of the globalized world.
We have our own convictions, values and norms, but we are living in a new
environment. Hence, it is vitally important that we develop the educational
policy that provides integrity, relevance and coherence to our educational
work, at the same time preserving our Armenian Christian identity. This is a
great challenge before us and we must take it seriously and responsibly.

ARARAT PARADISE IN THE CATSKILL MOUNTAINS
As reported last week, Archbishop Oshagan, V. Rev. Fr. Anoushavan Tanielian,
and Archdeacon Shant Kazanjian went upstate last Saturday to Mountaindale,
NY, in the Catskill Mountains, where 23 years ago a group of Armenians
purchased a property with 24 rustic homes, and named it Ararat Paradise.
Through the years the families have formed into a tight unit and each summer
they spend their summers, or part thereof, enjoying the cool, clean mountain
environment.

On Saturday, Archbishop Oshagan, Hayr Anoushavan, and Dn. Shant, spent an
enjoyable day with the group. They conducted the traditional Andastan
service and the Blessing of the Grapes. The day-long activities included
lots of good food, speeches and singing with Hayr Anoushavan acting as the
Master of Ceremonies.

Archbishop Oshagan noted how pleasant it was to spend the day in Ararat
Paradise, in its peaceful surroundings. He recalled how 23 years ago when
the group of Armenians purchased this property, he and Archbishop Mesrob
Ashjian, of blessed memory, had gone there to bless the land.

PILLARS OF THE PRELACY
Last year the Prelacy inaugurated an annual giving program called Pillars of
the Prelacy. The modest start of the program was very promising and this
year the effort will go beyond the New York metropolitan area with three
regional receptions already in the works: St. Stephens Church, Watertown,
Massachusetts, will host a reception on September 10; Sts. Vartanantz Church
in Providence, Rhode Island, will host a reception on October 10 and St.
Sarkis Church, Dearborn, Michigan will host a reception on October 11.

The goal of the pillars program is to raise funds annually to sustain and
expand the services and programs the Prelacy provides.

DATEV INSTITUTE: A SCHOOL FOR ARMENIAN CHRISTIAN FORMATION
The St. Gregory of Datev Institute which has been taking place every summer
for the past eighteen years is one of our community’s most successful
youth-based programs.

Worship framed the communal life of the 76 students from 13 parishes who
attended the 18th annual Institute at St. Mary of Providence Center in
Elverson, Pennsylvania, sponsored by the Armenian Religious Education
Council (AREC) under the directorship of the Vicar General, Very Rev. Fr.
Anoushavan Tanielian.

To read about the Datev Institute and view a photo gallery of more than 50
photographs click here.

ONE-DAY SEMINAR ON CRITICAL ISSUES OF LIFE & FAITH
St. Sarkis Armenian Church, Dearborn, Michigan, is sponsoring a one-day
seminar on Critical Issues of Life & Faith: An Armenian Orthodox
Perspective, on Saturday, September 18, 2004, at the Church, 19300 Ford
Road, Dearborn, Michigan. The main speaker will be Dr. Vigen Guroian,
Professor of Theology and Ethics at Loyola College, Baltimore, Maryland. The
program will include the lecture, small group discussions, followed by group
reports and discussions. Topics to be discussed include Marriage,
Reproductive Technologies, Abortion, Suicide, Cremation.

The day-long seminar will end with an organ/piano concert featuring Marianna
Abrahamyan at 7:00 p.m. For further information contact the church office,
313-336-6200.

ASSUMPTION OF THE MOTHER OF GOD;
THE BLESSING OF THE GRAPES
This Sunday, August 15, is the Assumption of the Holy Mother of God
(Verapokhoum). Although in modern Armenian Verapokhoum means change again,
in Classical Armenian it means transport up. For fifteen years after the
Crucifixion Mary remained in Jerusalem under the watchful eyes of the
apostles, especially John to whom she had been entrusted. When she died all
of the apostles were present at her burial, except Bartholomew. When he
returned to Jerusalem he went to her grave to pay his respects. The apostles
gathered in the cemetery, but when the gravestone was lifted, they were
surprised to find that her body was not there, instead there was an
exceeding sweet fragrance. It was believed that Mary was physically taken
into heaven. Based on this the church fathers established the Feast of the
Assumption of the Blessed Virgin Mary.

The Blessing of the Grapes, although not connected with the Assumption, is
generally commemorated on the same day. First the special hymn of the day is
sung, then passages from the Gospel are read, after which the prayer
pertaining to the blessing of grapes, which was composed by Catholicos
Nerses is read. In this prayer it is mentioned that on the third day of
Creation, God created the fruit-yielding trees and vegetation on earth. The
prayer seeks the blessing of God to be bestowed on those who give the first
yield of their vineyards as gifts to the church, and asks the Lord to
protect the crops and gardens from harm. After the prayers, the grapes are
blessed and distributed to the congregation.

The chapel in Bikfaya, Lebanon, site of the summer residence of the
Catholicate, and also site of the Seminary, is named St. Astvadzadzin. We
recall attending the weekend commemoration of the Assumption and the
Blessing of Grapes there some years ago and still vividly remember the
beautiful services in the mountain hills and the hundreds of pilgrims who
came even in the midst of the Lebanese Civil War.

Wisdom has built her spacious house with seven pillars. She has prepared a
great banquet. Proverbs 9:L1-2

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Defense & Foreign Affairs Daily
August 12, 2004 Thursday

Nagorno-Karabakh, Armenia Prepare for Revived Azerbaijan Military
Pressures

As an indication of the growing expectation that the new Azerbaijan
Government of Pres. Ilham liyev was likely to soon begin escalating
its confrontation against the Armenian enclave of Nagorno-Karabakh,
the autonomous enclave on August 10, 2004, ended a week of military
exercises by the Nagorno-Karabakh armed forces. There were concerns
in both Nagorno-Karabakh and Armenia that a visit to Baku by US
Defense Secretary Donald Rumsfeld on August 11, 2004, would be seen
by Azeri officials as encouragement for Pres. liyev, who is
embattled, politically, following his assumption of power on the
death of his father, Pres. Heydar lirza oglu liyev, in 2003.

The closing of the three-stage military maneuvers in Nagorno-Karabakh
was, significantly, observed by Nagorno-Karabakh officials and a
delegation of senior Armenian military officers led by Armenian
Defense Minister Serge Sarkisian. Commenting on the exercises,
Armenian Deputy Defense Minister Col.-Gen. Mikhail Harutiunian
“positively assessed” the readiness and capability of the Karabakh
armed forces. Sarkisian said the neighboring Armenian Army served as
a guarantor of the security of the population of Nagorno-Karabakh”,
but added that there was no real threat of a military conflict in the
near future and stressing that “the leaders of Nagorno-Karabakh and
Armenia have declared more than once that the Armenian side does not
intend to resume military operations”.

The implication of the statement, however, was that the Azerbaijan
Government did intend to resume such operations. In the past,
however, Karabakh forces had proven decisively superior to the
Azeris.

Meanwhile, US Defense Secretary Rumsfeld met with Azerbaijani Pres.
liyev and Defense Minister Safar Abiev on August 11, 2004, during a
one-day visit to Baku. Although details of the Rumsfeld visit were
not made public, he was expected to discuss plans for an expanded US
military mission in the country and review the deployment of
Azerbaijani troops in Iraq. Azerbaijani press reports also indicate
that Sec. Rumsfeld would discuss the recent visit to Baku by Iranian
Pres. Hojet ol-Eslam Mohammad Khatami. Rumsfeld previously visited
Baku in December 2003.

World Bank lends over 6m dollars to Armenia for irrigation

Arminfo
10 Aug 04

YEREVAN

The Armenian government and World Bank today concluded a 6.75m-dollar
credit agreement for irrigation, Arminfo news agency has learnt from
the press service of the Ministry of Finance and Economy of Armenia.

These funds are to be spent on restoring 47 dikes, which are part of
the irrigation system, with the aim of ensuring their safe use, the
source reported. The programme is planned for four years. The first
credit programme of the World Bank to restore 20 dikes in the
irrigation system, worth 26.6m dollars, began in Armenia in 1999 and
will be finished in March 2005. Overall in Armenia there are 87 dikes,
of which 77 are situated in reservoirs used for irrigation, three in
drinking water reservoirs, six are used for hydro-electric
power-stations and one for restoration work.

The World Bank credit will be allocated on the preferential terms of
the International Development Association for 40 years, with an annual
interest rate of 0.75 per cent and a grace period for the first 10
years. Since 1992, 36 World Bank programmes have been implemented in
Armenia, worth 820.8m dollars

FIRST CONVENTION OF EUROPEAN ARMENIANS TO TAKE PLACE AT THE EUROPEAN
PARLIAMENT

BRUSSELS, August 9,(Noyan Tapan). The first Convention of European
Armenians will take place at the European Parliament, Brussels, on
October 18-19. According to the European Armenian Federation, this
pan-European meeting will be a forum for sharing ideas and concerns on
topics of importance to the Armenian communities across Europe.

European citizens of Armenian descent now number more than two
million, stemming from three large waves of immigration that resulted
from the Genocide perpetrated by Ottoman Turkey (1915), war in the
middle-east (1975) and the fall of the USSR (1991). Though well
integrated in the economic, social and cultural life of their new
countries, they have kept their identity and their interest in
Armenian issues. The topics to be discussed at the convention are as
follows: Armenian culture and identity in Europe – Relations between
the European Union and Armenia – The Stakes involved in European Union
Enlargement. “With this first European Convention, we are not aiming
to establish any superstructure that would replace the various
organisations dealing with Armenian issues in Europe. Rather, we aim
to create a framework for free expression that will enable the shared
positions and opinions of the European communities to emerge,” Hilda
Tchoboian, Chairwoman of the European Armenian Federation, stated.

AzerTag, Azerbaijan State Info Agency
Aug 6 2004

PRESIDENT OF AZERBAIJAN RECEIVES KUWAITI DELEGATION
[August 06, 2004, 17:58:00]

President of Azerbaijan Republic Ilham Aliyev received a delegation
of Kuwait led by the country’s Minister of Religious Endowments And
Islamic Affairs Dr. Abdullah Maatouq Al-Maatouq, 6 August.

Greeting the quests, the Head of State expressed satisfaction with
both meetings the Kuwaiti delegation had held in Baku, and generally,
the existing close cooperation between the two countries. President
Ilham Aliyev also appreciated the relief projects implemented by
Kuwaiti Fund in Azerbaijan.

Pointing out the good level of Azerbaijan-Kuwait political links, the
Azerbaijani leader recalled his meeting with the friendly county’s
Prime Minister, and asked Dr. Al-Maatouq to convey his sincere
greetings to the Head of the Kuwaiti Government.

Touching upon the Armenia-Azerbaijan conflict over Nagorno-Karabakh,
which has resulted in the appearance of over one million refugees and
internally displaced people, the Azerbaijani President expressed
gratitude to the Kuwaiti government for the support of the
Azerbaijan’s stance on the issue within the Organization Islamic
Conference.

Having thanked the President Ilham Aliyev for the warm meeting, Dr.
Abdullah Maatouq Al-Maatouq let him know that the delegation had
visited the tomb of nationwide leader of Azerbaijan Heydar Aliyev,
and stressed that this genial person had saved Azerbaijan from great
troubles, and made invaluable contribution to the development of the
country.

The Minister then conveyed to Azerbaijani President greetings and
invitation to visit Kuwait from the county’s leadership. He
reaffirmed that the Government of Kuwait had always supported
sovereignty and territorial integrity of Azerbaijan, and would
advocate Azerbaijan’s fair stance in the future.

The guest described the goal of his present visit to Azerbaijan as
strengthening and expanding relations between the two countries. He
also expressed confidence that the Asian Islamic Organization would
continue its charitable activity in Azerbaijan.

The meeting was attended by Chairman of the Board of Caucasian
Moslems Shaik ul-Islam hajji Allahshukur Pashazadeh.

HSBC BANK ARMENIA, CONVERSE BANK AND ARDSHININVESTBANK HAD LARGEST
LEVEL OF NET PROFIT DURING FIRST HALF OF 2004

YEREVAN, AUGUST 3. ARMINFO. HSBC Bank Armenia, Converse Bank and
Ardshininvestbank had the largest level of net profit during the first
half of 2004 – 964.9 mln drams, 852.9 mln drams and 551.9 mln drams
respectively. According to the ranking of commercial banks of Armenia
formed by specialists of ARMINFO on the basis of financial reports of
commercial banks and data provided by the banks, Armeconombank ranks
the fourth as regards this showing – 526.6 mln drams, and the
Armsavingsbank ranks the fifth – 417.7 mln drams. At the same time as
regards the level of efficiency of investments the INECOBANK is in the
lead, then follow the Converse Bank, Armeconombank, Ardshininvestbank,
Anelik Bank, ACBA and Unibank.

Thus, the share of net profit in the assets (ROA) of the INECOBANK
totaled 4.21%, of the Converse Bank – 2.78%, Armeconombank 2.43%,
Ardshininvestbank 2.06%, Anelik Bank 2.02%, ACBA 1.74% and Unibank
1.45%. The Converse Bank is in the lead as regards the showing of net
profit in the capital (ROE) – 21.49%, then follow HSBC Bank Armenia –
17.91%, INECOBANK 17.59%, Armeconombank 15.37%, Armsavingsbank 13.51%,
Ardshininvestbank 13.14%, Anelik Bank 12.23% and Artsakhbank
8.78%. Noteworthy, the indices of the Anelik bank include the data of
the Moscow branch, which was reorganized to Daughter Bank Anelik RU in
Dec 2003.

Total net surplus of the banking system of Armenia was 4.320 bln drams
during the first half of 2004. According to data of 19 banks, 16 banks
had worked with profit, their total net surplus was 5.020 bln drams. 3
banks completed the accounting period with losses, which totaled
699.287 mln drams.

During the first half of 2004 the total capital of the banking system
grew by 11.4% – from 50.024 bln drams to 55.729 bln drams. In this
period, as regards the showing of replenishment of the total capital
the Armenian Development Bank is in the lead (40.18%), then follow
Areximbank (39.89%), Armsavingsbank (19.11%), Converse Bank (17.59%)
and INECOBANK (16.04%).

During the first half of 2004 assets of the banking system increased
by 11.19% – from 287.2 bln drams to 319.3 bln drams, which was
accounted for by the growth of provision of crediting and investments
in STBs. Volume of real provision of crediting increased by 14.17% –
from 125.0 bln drams to 142.7 bln drams, making up 44.69% out of the
assets. By July 1, 2004 the share of the credits to legal entities
made up 54.13% in total provision of crediting or 77.3 bln drams,
increasing by 13.54% during the first half of 2004. The largest level
of crediting of legal entities has been provided by the Armsavingsbank
– 11.3 bln drams, Converse Bank 10.8 bln drams, Ardshininvestbank 8.6
bln drams, Artsakhbank 5.7 bln drams, Armimpexbank 5.1 bln drams ACBA
4.5 bln drams, Anelik Bank 4.2 bln drams, Armeconombank 4.1 bln drams
and ADB 3.1 bln drams. As regards the volume of crediting to natural
persons the ACBA is in the lead (9.6 bln drams), Ardshininvestbank
ranks the second (5.9 bln drams) and Armeconombank (5.7 bln drams). In
the structure of assets during the first half the volume of funds in
correspondent accounts in the banks decreased – from 68.6 bln drams to
68.1 bln drams, the share of which int he assets decreased from 23.9%
to 21.3%.

In Jan-June the investments in state loan bonds increased by 16.82%,
reaching 36.5 bln drams by July 1, 2004. The most growth were provided
by the Armsavingsbank (196.51%), Anelik Bank (143.66%), Unibank
(94.11%), ACBA (85.32%) and Ardshininvestbank (66.78%). By the way, 6
banks out of 19 reduced their investments in state securities in the
period under review, in particular, Areximbank reduced by 88.99%,
Arminvestbank – by 75.98%, ADB 36.5%, Converse Bank 14.59%, ITB 10.2%
and Mellat bank – 3.27%.

According to the data of 19 banks of the country, total liabilities of
the banking system, increasing by 11.15% reached 263.6 bln drams by
July 1, 2004. In their structure fixed deposits increased by 4.64%,
totalling 84.1 bln drams or 31.88% in total liabilities.

The share of the total capital of the banking system in GDP (600 bln
drams – by July 1, 2004) totaled 9% (55.7 bln drams), the assets- 53%
(319.3 bln drams), and the volume of provision of crediting – 24%
(142.7 bln drams). By Jan 1, 2004 these indices made up 3%, 18% and 8%
respectively.

Interfax
Aug 2 2004

Armenian nuclear power station to close July 31 for repairs

Yerevan. (Interfax) – Unit two at the Armenian nuclear power plant
will be shut down at midnight local time for repairs and nuclear fuel
loading.

At 1:25 a.m., on Friday, one of two turbo generators was stopped and
the other will be stopped on July 31, the plant’s general director,
Garik Markosian, told Interfax.

Reactor repairs at unit two will take 65 days. Nuclear fuel will be
completely unloaded and the condition of the reactor’s metal body
will be checked. Skoda of the Czech Republic will carry out the work.

Management company Inter RAO UES has already delivered 100 nuclear
fuel cassettes to the plant for $12 million, Markosian said.

The power plant produced 1.66 billion kilowatt hours of electricity
from January 1 to July 29 2004. It sold 1.51 billion kilowatt hours.