Yerevan /Mediamax/. The global financial crisis has caused the necessity to solve a number of legislative problems in the banking sector of Armenia, Chairman of the Union of Armenian Banks (UAB), Chairman of “Prometey Bank” Board of Directors Emil Soghomonyan stated today.

Mediamax reports that, speaking at a news conference in Yerevan today, Emil Soghomonyan informed that UAB has put forward a number of legislative initiatives, related, in particular, to adjusting the tax legislation, related to the banking system and issues, concerning pledging movable property.

“At present, there is no single cadastre of movable property held in Armenia, which allows the borrowers selling a car, which is pledged in a bank, to the third entity without any obstacle”, Emil Soghomonyan stated, stressing the necessity to establish a single cadastre of movable property, in particular, in conditions of increase of loan non-repayment.

Emil Soghomonyan stated that 5-6% index of “idle” loans is a quite serious figure for the banking system of Armenia, but “its bases will not be shaken”.

Emil Soghomonyan gave a high assessment to crisis prevention measures of the Armenian government, noting that they rule out the possibility of reoccurrence of AMD abrupt devaluation.