of March 30, 2004 No. ZR-48
About entering of amendment and change into the Law of the Republic of Armenia "About bank secrecy"
Accepted by National Assembly of the Republic of Armenia on March 3, 2004
Article 1. Article 6 of the Law of the Republic of Armenia "About bank secrecy" (ZR-80, of October 7, 1996) to add with part 3 following of content:
"3. Central Bank once and (or) in other mass media publishes every quarter names and names of the unfair debtors having the large obligation(s) to banks and (or) separate bank in seal. The large obligation provided by this Item the obligation in the amount of 5 percent and more from the minimum general capital of bank established by the Central bank is considered. The debtor which allowed violation of the terms established by the agreement for accomplishment of obligations for 180 and more days is considered the unfair debtor provided by this Item. The publication of data provided by this Item is not considered illegal publication of bank secrecy.".
Article 2. From part 2 of article 14 of the Law to withdraw words" if these data are necessary for credit and other investments, assessment of other assets".
President of the Republic of Armenia
R. Kocharyan
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