YEREVAN, May 16. /ARKA/. CBA has completely accomplished
basic program arrangements directed to rehabilitating, developing and improving
legal field of RA banking system. CBA Chairman Tigran Sargsian said this at
the 6th session of the Council of Armenian Banks. He particularly commented
on the outcome of two years activities since the day of the previous session.
According to him, particularly, Credit register is established, the project
of Fund for Insuring Deposits is in circulation, Armenian Card payment system
functions. Besides, the law on "Credit Organisations" contributed
to the establishment of 4 such structures, while one of them is the first and
largest leasing company in the republic.
CBA head also noted that elimination of 10 "sick" banks off the Armenian
banking system not only had no negative effect, but also contributed to the
improvement of financial-economic indicator of the remaining 20 banks. He emphasized
that banks represented at the session substantially improved their financial-economic
indicators in the course of 2 years. Moreover, for the first time, they managed
to complete the year, 2002 in this case, with "promising profits."
"To draw conclusions to what I said above, I would like to mention that
the banks managed to overcome the most complicated stage of rehabilitation stage
over the past several years. Meanwhile, it all passed without serious shocks
with deposits growing and interest rates falling," Tigran Sargsian said.