LAW OF THE REPUBLIC OF ARMENIA

of September 28, 2020 No. ZR-422

About introduction of amendments to the Law "About Guaranteeing Compensation on Bank Deposits of Physical Persons"

Accepted by National Assembly of the Republic of Armenia on September 16, 2020

Article 1. "About guaranteeing compensation on bank deposits of physical persons" to state part 1 of article 3 of the Law of November 24, 2004 to No. ZR-142 in the following edition:

"1. The sizes of the contribution guaranteed according to the procedure, established by this Law, are:

a) if the investor in insolvent bank has only dramovy bank deposit, then the size of the guaranteed contribution constitutes sixteen million Armenian drams;

b) if the investor in insolvent bank has only foreign currency bank deposit, then the size of the guaranteed contribution constitutes seven million Armenian drams;

c) if the investor in insolvent bank has dramovy and foreign currency bank deposits, and the amount of its dramovy bank deposit exceeds seven million Armenian drams, then only the dramovy contribution at the rate to sixteen million Armenian drams is guaranteed;

d) if the investor in insolvent bank has dramovy and foreign currency bank deposits, and the amount of its dramovy bank deposit is less than seven million Armenian drams, then the dramovy contribution in full and foreign currency bank deposit in the amount of difference of seven million dram and compensated dramovy bank deposit is guaranteed.".

Article 2. This Law becomes effective since December 1, 2020 and extends also to the deposit agreements existing at the time of entry into force of this Law.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info