Yerevan/Mediamax/. Central Bank and the Association of Credit Organizations of RA (ACO RA) reached certain agreements concerning the draft decision on making changes into the main economic standards for credit organizations.

As the Chairman of ACO RA Khoren Kerobyan stated in an interview to Mediamax, at the negotiations, which are still in process, they have reached an agreement on stage-by-stage increase of the standard for the minimum size of the aggregate capital of credit organizations within 4 years.

In particular, CB offers universal credit organizations and leasing companies to increase the minimum size of the aggregate capital from current 150mln to 1bln AMD within three stages. Thus, from July 1, 2011, the minimum size of the total capital should make 300mln AMD, and from January 1, 2013 – 600mln AMD, and by January 1, 2015 – 1bln AMD.

According to Khoren Kerobyan, now they carry out discussions in order to determine optimal mechanisms for increasing the size of the main capital. In particular, suggestions are presented to CB’s consideration on introducing long-term subordinated loans; lifting limitations for purchase and sale of currency for UCOs; mitigating conditions for issue and placement of bonds; canceling the minimum level of borrowings by UCO founder individuals.

According to the assessment of ACO RA Head, the discussions with CB representatives proceed constructively. They search for compromise solutions, which will meet both the requirements of the regulator and the interests of credit organizations.

6 credit organizations enter ACO RA, and 3 more – “BLESS”, “Credit Union”, and “ECLOF” will register membership in September, 2010. Due to the grant, received from Dutch “Oxfam-Novib”, the lump fee for new members of ACO RA, as well as the monthly payments for all members of the association will make 80 thousand AMD each instead of previous 200 thousand and 120 thousand AMD.