Armenian Savings Bank President Set to Resign

YEREVAN (Noyan Tapan)–Armenian Savings Bank President Hovhannes Mandakuni submitted his resignation to the Minister of Economy on the evening of August 11.

In an interview with Noyan Tapan–head of the Bank’s Secretariat Karine Ajchemian explained that the resignation came as a result of a dispute over some unfulfilled commitmen’s of the contract signed between the Armenian Savings Bank and the Yerevan Electricity Network.

The Yerevan Electricity Network accused the Bank’s President of ordering the imposition of an additional 90 drams for banking services when receiving paymen’s for electricity starting on August 1. However–earlier the Bank also had raised 1,32% of the sums served and it is illegal to raise additional sums.

In response to this–Mandakuni said that the raising of additional sums from consumers (not the electricity network) does not contradict to any of the provisions of the signed contract. Additional charges–according to him–stem from the necessity to compensate for the cost of the computer equipment at all Yerevan branches of the Bank–which made it possible to speed up the receipt of paymen’s for electricity.

The Bank’s President–according to Ajchemian–made efforts to get the contract nullified but he failed and so decided to resign.

Since the practice of raising an additional 90 drams was introduced–the flow of paymen’s–according to Ajchemian–has only increased. It testifies to the fact that a similar insignificant increase in the size of payment did not create any additional difficulties for the population. According to her–for the opening two days of August–a total of 20,401,000 drams were paid for electricity-approximately a third as much as in the opening two days of July.

The Armenian Savings Bank–according to Ajchemian–sustained losses also because the Yerevan Electricity Network transferred 40% of paymen’s for electricity to the Armenian Post. The latter–unlike the Bank–does not charge sums for its services.


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