» Loan agreements currently in force are another legal act still in force; Ulikhanyan

Loan agreements currently in force are another legal act still in force; Ulikhanyan

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Yesterday the Board of the Central Bank of Armenia made a decision to annul the license of "Credit AM" UCO CJSC. The reason is the violation of the minimum requirement of total capital. According to the CBA, the organization provided loans at the expense of funds attracted from its founders and had no right to attract funds from individuals, that is, deposits.

It should be noted that in case of UCOs the minimum amount of total capital is 300 million drams.


According to the CBA, the inspections were conducted on the basis of the company reports for December 2019 and January 2020. Upon revocation of the license of the credit organization, a liquidation commission shall be established in accordance with the procedure established by law to carry out the functions set forth by the Liquidation Committee.

It should be noted that according to the information posted on the website of the organization, there are 51 branches of WMC in Armenia.

Tigran Ulikhanyan, Member of the RA NA "My Step" Faction, member of the Standing Committee on Financial-Credit and Budgetary Affairs answered the questions of the NA.

- Mr. Ulikhanyan, what does it mean to suspend a loan at WMC? Have they only been involved in credit or are they related to deposits?

- By this decision the organization has been deprived of credit activity, that is to say, loans. Credit organizations have no right to start investing in deposits. If they had such a license, it would be called a bank license and that organization would become a bank.