On December 23 on the initiative of the government, according to Article 70 of the Constitution of the Republic of Armenia an extraordinary session of the National Assembly was convened. After approving the decisions of the National Assembly on the special procedure of holding an extraordinary session and on the special order of the debate of a number of draft laws the MPs began to debate the bills, included in the agenda.

Mr. Artur Javadyan, Chairman of the CB of the Republic of Armenia, presented the bill on Pan Armenian Bank and the package of the bills on foreseen amendments and addenda to a number of laws. The goal of these amendments is to create a legal basis for the activity of Pan-Armenian Bank.

The Pan-Armenian Bank is an open joint-stock company, which is created on the basis of the given law, it has a private operation and state cooperation principle. The size of the capital of the Pan-Armenian Bank should be not less than the amount of the general capital, defined for the newly created banks in the area of the Republic of Armenia. The Central Bank and the Republic of Armenia are its founders.

Mr. Javadyan also answered the journalists’ questions, which related to the status, activity principles, goals, functions, control of financial reporting and regulation of legal principles of the Pan –Armenian Bank.

Ms. Larisa Alaverdyan presented the view of the Heritage faction on the debated issue. According to her the bill has technical as well as conceptual shortcomings. The law should be developed. Clarification is needed about the kind of law we want to create, taking into consideration the international experience. It is necessary to exclude vague and ambiguous expressions.

Mr. Hrayr Karapetyan, Vice President of the National Assembly presented the view of the ARF faction. According to him any fair and high idea, can be discredited, if it is not realized correctly,but today the attitude towards Diaspora has changed. According to him a very good law will be created if the main part of the proposals is taken into consideration.

According to Mr. V. Bostanjuan, representative of the Prosperous Armenia faction, there is a very important concept in the basis of the draft, but due to haste, a number of indistinct formulations took place in the draft law.

Presenting the view of the RPA faction, Mr. Gagik Minasyan said that the concept in the draft law is not new. It was presented by the President of the Republic in his message and was discussed in the business circles. According to him the activity of the Pan-Armenian bank should be transparent and trustworthy. The bank should also pursue profit, for all the physical investments have their dividends. The idea of the creation of this bank he considered important in the aspect of overcoming the further challenges of financial economic crisis.

First Deputy Head of the State Revenue Committee of Armenia, Mr. Aharon Chilingaryan presented the RA draft law on Making Amendments and Addenda to the RA Law on Value Added Tax and the package of the draft laws, proposing amendments to other laws.

The National Assembly will continue the debate of the interrupted issue on December 24.