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HOUSING FINANCE INTERNATIONAL – December 2006 19

HOUSING MORTGAGE & HOUSING TRANSACTION IN CHINAHOUSING FINANCE MARKET DEVELOPMENT IN ARMENIA

Promoting Housing Finance MarketDevelopment in Armenia

By Dr. Karapet Gevorgyan and Stefan W. Hirche, KfW Entwicklungsbank1

Introduction

In the following we outline thecomprehensive approach that Armenia istaking to develop its housing financemarket. In the introduction, we provide abackground on the socioeconomic andfinancial sector reforms implemented inArmenia during its transition to a marketeconomy as well as a snapshot of thebanking market. Further on, the articledescribes the situation of the Armenianhousing stock and of its housing financemarket. Given that background, we explainthe vision that the Armenian governmentand the Central Bank of Armenia (CBA)developed together with KfWEntwicklungsbank to support a vibranthousing finance market. Then, the papercontinues with the outline of the jointCBA/KfW development program, whichassists in the creation of a strong primaryhousing finance market and prepares theground for secondary market developmentat a later stage. Concluding, we point outearly impacts of our efforts so far, offer anoutlook of future challenges as well assuggestions for the involvement of otheractors in strengthening the housing financesector in the country.

Starting in 1995, the Armenian governmentand the CBA launched a wide program ofsocioeconomic reforms, starting with amassive privatization of agricultural land,

state-owned entities (at the early stagesonly micro, small and medium sizedenterprises (MSME)) and residentialproperty. These reforms also addressed thefinancial sector and in particular the bankingsector. Since the Armenian government andCBA initiated these reforms, they submittedthe banking sector to a significantrestructuring. Programs and policies havebeen aimed at strengthening supervision(both on- and off-site), gradually increasingcapitalization, consolidating of the bankingsystem, integrating corporate governanceand implementing anti-money launderingregulations.

The CBA continued down the reform path,broadening and deepening initial measures.In 2005, it integrated other components ofthe financial sector (insurance, capitalmarket) into a unified supervision structure,and commenced to actively reform thesesegments. These reforms helped realize twoof the essential preconditions for long-termfunding and economic vitality: soundinsurance and properly functioningsecurities markets.

The reform course resulted inmacroeconomic stabilization and growth, aswell as positive developments in thefinancial system since 2001. In the past fouryears, the Armenian economy has beengrowing at a double-digit rate, with stableinflation (under 3% pa). The forecast for thecurrent year is similar, which has earned

Armenia the label “Caucasian Tiger” insome recent economic publications.

In the past few years, financialintermediation of the banking system hasbeen rising gradually from a low level, withthe banking sector of 21 institutionsbroadening its customer base undermoderately increasing competition. Thetrend is well reflected in the figures: in 2005,total assets of the banking system anddomestic loans grew by 21.2% to EUR 828million and an impressive 34 % to EUR555 million respectively. Notwithstandingthis positive trend, the level of financialintermediation in Armenia remainsunsatisfactory. The ratios of banking systemassets to GDP and loans to GDP stand at19.8% and 8.3% respectively (rising 0.6 and1.3 percentage points). The low level offinancial intermediation is confirmed byrelatively high interest rate spreads inArmenia. In 2005, these ranged between13% and 16% pa2: high in comparison tothose of more advanced markets, such asthe average 5% pa of the Baltic and CentralEuropean countries.

Such high interest rate spreads are partiallyexplained by the small size of Armenianbanks. However, another important factor isthe limited supply of funding at adequatematurities. The demand for long-term loansis growing but “long” savings in theeconomy are virtually non-existent. Themismatch in attracting and allocating

1 Dr. Karapet Gevorgyan and Stefan W. Hirche work for KfW Entwicklungsbank (www.kfw-entwicklungsbank.de). Dr. Gevorgyan is KfW’s local representativein Armenia and coordinator of the international development support to the housing finance sector for the Government and the Central Bank of Armenia.Mr. Hirche is the responsible Project Manager for bilateral Financial Cooperation programs in the financial and private sectors of Armenia and Georgia. Hesupervises a portfolio of programs in housing finance, micro, small and medium enterprise finance, deposit insurance and advisory services to financialinstitutions. The authors would like to thank Jana Aberle for comments and suggestions.

2 CBA (2006)

HOUSING FINANCE INTERNATIONAL – December 2006

HOUSING MORTGAGE & HOUSING TRANSACTION IN CHINA

20

HOUSING FINANCE MARKET DEVELOPMENT IN ARMENIA

financial resources generates a need foradditional coverage against expectedlosses from related risks (liquidity, interestrate, etc.).

The housing situation and housingfinance market in Armenia

With the collapse of the Soviet Union andthe interruption of financing from the centralSoviet budget, all major construction ofresidential housing stopped. In most cases,the construction of 80-90% of the finishedmulti-floor buildings remains incomplete.Large blocks of concrete stand unfinishedand uninhabited in younger quarters of thecapital city Yerevan and other major towns.This implies that most of the availablehousing (except for privately drivenconstruction of expensive villas and smallstand-alone houses) dates back to theperiod from the late-1960s until the mid-1980s.

The current condition of this inheritedhousing stock is dire and is deterioratingfurther for three main reasons:3

• Armenia is located on an unstabletectonic plateau and the most recent

large earthquake in 1988 caused majordamage to housing in northern andcentral parts of the country, includingYerevan;

• no major repair and maintenanceprojects to prevent the gradual ruin ofexisting multi-apartment buildings havebeen financed and carried out since theearly 1990s;

• even basic everyday maintenance hasbeen extremely limited in the last twodecades, as neither the privateapartment owners nor the municipalitiesin charge of the buildings has had thenecessary financial resources.

Although the last few years arecharacterized by a new and growingdynamism, the observed constructionboom is mainly concentrated in Yerevan citycenter. The newly created, so-called “elite”apartment blocks are priced extremely highand are unaffordable even for the aspiringArmenian middle class.

To overcome or at least reduce the shortageof affordable, good-quality housing, it isimportant to make housing more accessiblefor large parts of society. As a key

component of this objective, local financialinstitutions should be able to design andoffer adequate financial products on acontinuous basis. Through offering long-term mortgage loans with relativelymoderate monthly installments, the housingfinance industry will be one important partof the remedy.4

The provision of such services by Armenianbanks and more recently by a fewspecialized credit organizations is arelatively new development in the Armenianeconomy, as the first housing loans wereextended only in 2002. These initial housingloans were typically small loans averagingUSD 5 to 10 thousand, provided mainly forincremental housing.5 Beginning in 2003,financial institutions added “larger” loans,generally up to USD 30,000, for thepurchase of apartments or construction ofprivate homes to their product portfolios.

Since then, the mortgage finance market inArmenia has been growing fast, supportedby favorable macroeconomic conditionsand a continued strengthening of thebanking sector. According to CBA statistics,the year-over-year volume of mortgageloans tripled in 2003, growing by 150% in2004, doubling in 2005 and gaining an

3 United Nations Economic Commission for Europe (2004), p. 13-16, 18-204 Ibid., chapter V5 Incremental improvements of housing are the refurbishment of a house or an apartment room by room, the replacement of parts of the roof or the

addition of a new room.

Development of Main Indicators of Armenian Housing Finance Market (Chart 1)

uu

u

u

u

Growth of Outstanding Mortgage Loan Portfolio in Armenia(total for all banks and credit organizations)

60

50

40

30

20

10

0

mln

USD

2002 2003 2004 2005 01.10.2006



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additional 90% during the first nine monthsof the current year, resulting in a totaloutstanding portfolio of around USD 50million as of 1 October, 2006 (see Chart 1).

This growth is mainly supported byimproving terms and conditions on thesupply side: as of early 2003, a typicalhousing loan had a maximum loan-to-value(LTV) ratio of 50%, an interest rate of 17-20% pa and a maturity of three years. As ofmid-2004, the typical LTV and interest rateswere similar, but the most commonmaximum term had become five years.Currently, an interest rate of 13-16% pa iscommon – with some banks offering a rateof 10-12% pa to customers with long andpositive financial records; and the mainmortgage lenders recently extended themaximum maturity to 7-10 years (see belowChart 2 and 3).

Even though the total mortgage loanportfolio of Armenian banks has beengrowing quickly, the supply of such loans isstill limited to comparatively higher incomegroups of society. Therefore, theGovernment of Armenia and the CBA,supported by KfW Entwicklungsbank, haveconceptualized a program, which shall have

a two-tier impact: first setting conducive“rules of the game”; and second, increasingthe supply of long-term funds for mortgagelending in the local financial sector. Thisapproach will improve the supply of housingcredit, decreasing the mismatch of the“demand-supply” relation. Mostimportantly, it will facilitate access to theseloans for mid- to lower-income socialgroups, making housing credit “moreaffordable” for the general public.

Developing a Strategic Vision for theHousing Finance Market

Given the limited financial capacity of theGovernment of Armenia to cater to thegrowing housing needs of the Armenianpopulation, the authorities have showngreat interest in stimulating private sourcesof funding to serve these needs. This wouldallow concentrating the Government’sscarce resources on the neediest part of thepopulation. The main conduit for themobilization of private resources would bethe financial industry, offering long-termmortgage loans. However, many enablingfactors for the development of a vibranthousing finance market have been missing.

The CBA, together with the Ministry ofFinance and Economy, took the lead inimproving the situation. Both developedtheir visions of a strong housing financemarket, emphasizing the need to firststrengthen the legislative and regulatoryframework, and thereafter the institutions ofthe financial sector. The goal set by theArmenian authorities was to support thequick development of both lendinginstitutions (commercial banks and creditorganizations6) and insurance companies toaccommodate market development; todevelop adequate mortgage and housingsaving products; and to create a soundprimary market, upon which a secondarymarket would be based.7

With these concepts the Armenianauthorities turned to KfWEntwicklungsbank, a long-term partner indeveloping and strengthening the financialsector under the umbrella of bilateralGerman-Armenian Financial Cooperation(FC).8 Together the partners commissioneda pre-feasibility and feasibility study tostructure the overall approach to marketdevelopment and KfW Entwicklungsbank’scontribution. From the beginning, theassistance was designed to take a systemic

Development of Main Indicators of Armenian Housing Finance Market (Charts 2 and 3)

Loan to value (LTV) and interest rate Loan maturity

u u

u

u

nn n n

u n

u

u u

u

80706050403020100

%

LTV Interest rate

2003 2004 2005 01.10.2006

2003 2004 2005 01.10.2006

12

10

8

6

4

2

0

Years

6 Non-bank financial institutions are not entitled to accept deposits.7 Central Bank of the Republic of Armenia (2004) and Ministry of Finance and Economy of the Republic of Armenia (2004)8 KfW Entwicklungsbank conducts German FC on behalf of the German Federal Ministry for Economic Cooperation and Development. In financial sector

development, the CBA and KfW Entwicklungsbank have so far successfully cooperated in introducing a viable deposit guarantee system, as well as arevolving refinancing scheme for MSMEs through local commercial banks (“downscaling”) under the framework of the German-Armenian Fund. The Ministryof Finance and Economy and KfW Entwicklungsbank have set up the Credit Guarantee Fund, which provides partial ‘AAA’ guarantees to facilitate borrowingof Armenian commercial banks on the international capital markets. These guaranteed loans are used to finance medium-term loans for local small andmedium enterprises.



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approach, encompassing legal andregulatory advice, the establishment ofminimum quality standards (MQS) for themarket9 and for products, provision of long-term financing to the development of asecondary market in the country as well asassistance in the coordination of all donoractivities in this sector. The Government ofArmenia entrusted KfW Entwicklungsbankwith this wide “mandate” based on thesuccessful prior cooperation.

During the preparation and design phase ofthe program, German FC financedconsulting services to assist theGovernment of Armenia in creating a stronglegal framework for housing finance in thecountry. The foundation of a strong legalframework provides a favorableenvironment for borrowers, financialinstitutions and other market participants.Although “the legal framework for theprimary mortgage market [had alreadybeen] reasonably strong, particularly ascompared to other transition countries inthe region,”10 the Armenian Government haddecided that additional improvements to thelegal and regulatory environment of theprimary housing finance market wouldfurther enhance the growth potential ofmortgage lending. The review andrecommendations of the consultant on thecurrent legal framework and new legislationunder consideration were incorporated intothe legislative process in two stages.11 Thus,the Government of Armenia had already setconducive framework conditions forhousing finance at the inception of themarket.

As the legal and regulatory framework is butone of the success factors of a soundmarket environment, German FC alsosupported the Armenian market participantsin the creation of adequate rules and unifiedpractices in the form of MQS for mortgagelending. These voluntary standards willfacilitate the creation of quality mortgage

products, contribute to consumerprotection, and improve originating,servicing and risk management. They willalso help create a secondary market byattracting potential investors, which in turnwill contribute to an increase in sustainablelong-term sources for mortgage lending.The sound legal and regulatory frameworkand the MQS will allow borrowers to benefitfrom lower monthly installments, bringingbetter housing into the reach of lower-income households.

Upon these foundations, marketparticipants will be able to build theirmortgage portfolios. However, this will notbe possible without a further prerequisite foraffordable long-term housing financeproducts: the availability of refinancing withsimilar maturities – either from local capitalmarkets, international financial investors,donors or international development financeinstitutions. The first option would be mostdesirable. It is the goal of the Government ofArmenia and the CBA, as it would makefunding available in local currency andwould be less vulnerable to external shocks.However, a capital market that is both long-term and liquid does not yet exist inArmenia. At the same time, internationalfinancial investors are not yet prepared toinvest long-term funds at a sufficient level inthe country. Until the establishment of aviable local capital market or increased riskappetite by international financial investors,donors and development financeinstitutions, such as IFC, EBRD or KfWEntwicklungsbank, are the main sources oflong-term funding for local financialinstitutions that matches their mortgageportfolios.

As the objective is to create a secondarymarket at a later stage, the feasibility studyrecommended structuring the refinancingfacility under the German FC program as aliquidity facility, which refinances newlyfunded housing loans in local currency that

meet certain conditions. In fact, the CBAand KfW Entwicklungsbank had alreadybeen running a similar local currencyrefinancing program for MSME lending,which will be used as a platform to developan adequate housing finance program.Moreover, this set-up will facilitate theintroduction of future secondary marketoperations.

Finally, making housing finance accessibleto the previously unbanked and mainlylower-income groups is an importantobjective of the Government of Armenia.Although households may have sufficientincome to repay a housing loan, thisremains difficult for them to prove in manycases. As many Armenians do not yet useformal financial services and positive creditinformation from other sources is notavailable, banks and credit organizationshave difficulties in determining new clients’creditworthiness. In addition, the high levelof income from informal sources andremittances of large segments in theArmenian population makes it very difficultfor financial institutions to establish thepayment capabilities of private persons toservice a loan, be it short- or long-term.

Therefore, the feasibility study advocatedthe introduction of a ‘contractual savingscheme for housing’ (CSSH). A CSSHwould allow customers to establish theircreditworthiness with a lender by saving aregular amount for an agreed period.12 As aresult, the lender would be able to grant ahousing loan, knowing that this customerhas reliably paid in money over an extendedperiod of time. On the other hand, thecustomer would benefit from a longerrepayment term, thus lowering the actualredemption rate and raising overallaffordability.13

Based on the recommendations of thefeasibility study, the Government of Armeniaand the CBA, together with KfW

9 MQS include standards in underwriting, documentation, administration and data collection. They are aimed at establishing effective and efficientmortgage lending procedures and improving the risk management of mortgage loan portfolios.

10 Rabenhorst and Butler (2005), p. 411 For recommendations of the reports see Rabenhorst (2004) and Rabenhorst and Butler (2005).12 The proposal for an Armenian CSSH does not foresee a subsidy (“savings bonus”) to be part of such a product.13 Rabenhorst et al. (2005), p. 41-43.



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Entwicklungsbank, developed their programto support housing finance marketdevelopment.

Implementing the Vision

Toward the end of 2005, and coinciding withmarket expansion, market participantsbecame more active and initiated anorganization of the core players in thehousing finance market. These includedbanks and credit organizations on one handand insurers and real estate agents on theother. By March 2006, twelve organizationsfounded the Mortgage Market Participants’Association of Armenia (MMPAA). TheMMPAA’s main objectives are thedevelopment and continuous improvementof the MQS and representing members’joint interests in regard to the legal andregulatory environment in their dealings withthe CBA and other authorities. The still veryyoung MMPAA has already prooved itselfcapable of maintaining dialogue regardingMQS with the main policymakers and issuccessfully cooperating with foreignexperts in charge of market development aswell the institution, which provides stafftraining courses to the sector.

As a result of the feasibility study, theArmenian and German governments agreedto promote market development byfocusing on a strong primary market beforecontinuing with building a secondarymarket. German FC provides an initial FCLoan14 of EUR 6 million for long-termrefinancing of mortgage loans as a newprogram under the German-Armenian Fund(GAF),15 which manages a kind of liquidityfacility. An additional FC Loan of EUR 6million for the same purpose is underconsideration for the 2007 German-Armenian intergovernmental negotiations.This second tranche can be furtherincreased by blending it with capital market

funding to broaden the socioeconomicimpact of the program. In addition, anagreement for an FC Grant of EUR 1.5million has been signed for accompanyingmeasures to the program, ie consultingservices supporting the investment,strengthening the financial sector andassisting the coordination of donoractivities.

In a local tender – a two-tier process withquantitative and qualitative parameters –the GAF has approved eight partnerfinancial institutions (PFIs) out of 18applicants – six banks and two creditorganizations specialized in mortgagelending. Under the program, the GAF willprovide the PFIs refinancing lines withmaturities of up to eight years for theirmortgage portfolios in local currency. Therefinancing rate to the PFIs will be set basedon the market environment and theanticipated demand by the PFIs. This willsupport two important policy goals set bythe CBA: extending the maturities of(housing) credit and reducing the degree ofdollarization in the economy.

To be eligible for refinancing, loanspresented must adhere to the MQS, have aminimum maturity of ten years and anamount of less than AMD 12 million.16 Therefinancing window will operate fromFebruary 2007, allowing all PFIs to establishnecessary internal structures and processesin advance and to have an adequatenumber of qualified staff available. As therefinancing will be provided on acontinuous, revolving basis, with netrevenues being retained for additionalrefinance, the GAF shall be able tosustainably support the development of thehousing finance market in the long run.17

The consulting services under the programbegan in June 2006 to prepare the GAFrefinancing window. The program

consultant, Bankakademie International,started its assignment by the creation of ahousing finance training program (HFTC) incooperation with a local training institute.Based on the MQS, the training coursesoffered will provide necessary qualificationsto loan and risk officers as well as managersof banks and credit organizations. Theclasses are open to other marketparticipants (eg, insurance companies,appraisers, realtors) as well, in order tocreate a coherent understanding of themarket’s standards with a broad range ofactors.

The purpose of the HFTC is to establishhigh quality standards in lending institutionsto further strengthen the Armenian financialsystem as a whole and to improve overallservice quality for borrowers. By now, onlyfive months after kick-off, the curricula areestablished, local trainers have beenselected and educated, and the first roundof courses both for loan officers andmanagers has already taken place. Thelocal training institution will offer the HFTCregularly to ensure an adequate supply ofqualified professionals that will be requiredto sustain the rapid expansion of thehousing finance market.

The work on the CSSH with the CBA andinterested commercial banks willcommence in 2007. The general design willlikely include a long-term savingscomponent at market rates in regularinstallments. The loan component may offera lower interest rate on the loan, a higherloan amount than the savings amount (eg amultiplier of 2) or any combination of thetwo options. However, the bank will reservethe right to decline a loan offer in case thecustomer is not creditworthy. In this case,the bank will pay back the savings(including interest) to the customer. CSSHcould be denominated either in USD orAMD.

14 FC Loans are granted at the internationally agreed terms and conditions of 40 years maturity, 10 years grace period and an interest rate of 0.75% pa.15 The GAF is a revolving refinancing fund established back in 1998 under the umbrella of the CBA. Up to now, it has been providing local currency credit

lines to five local banks for lending to MSMEs.16 AMD 12 million equal about EUR 24,700.17 The program would be able to refinance an outstanding portfolio of a minimum of at least 800 housing finance loans (estimated average loan size: EUR

15,000) at the same time. Given the option to leverage of the FC loans through capital market funds, the revolving nature of the refinancing window andthe increase through interest earnings, the overall impact of the program’s refinancing will be much higher.



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In the framework of the program, theGovernment of Armenia has requested thatKfW Entwicklungsbank take the lead withinthe international donor community in thehousing finance sector. The purpose is tocatalyze the cooperation between variousprojects in this field and to facilitate thecoordination among the donororganizations and development financeinstitutions, which provide funding,technical, and institutional assistance to thissegment of the Armenian financial sector. Inaddition to KfW Entwicklungsbank, the maininternational bilateral and multilateralorganizations that have declared theirstrategic interest in developing themortgage lending market and supportingthe enabling legal-regulatory environmentinclude USAID, EBRD, IFC, ADB and theWorld Bank.18 For the sake of avoidingduplication and overlap of activities amongdifferent programs, thus maximizing theefficiency of the use of scarce financialresources available to this sector, KfWEntwicklungsbank has assigned a LocalCoordinator for Housing Finance (LCHF) tothe Government of Armenia and the CBA.The LCHF has commenced his assignmentparallel to the program consultant team inJuly 2006.

In preparation for strong growth of the long-term mortgage finance market andaccompanying demand for long-termrefinancing, the Government of Armenia andthe CBA also receive legal advice for thecreation of adequate secondary marketlegislation, within the scope of aboveconsulting services. Given that the directionof market development cannot be foreseenat this early stage of its development, itseems likely that the draft laws both oncovered mortgage bonds as well assecuritization and asset backed securitieswill be developed. Currently, theGovernment of Armenia and the CBA areelaborating these draft laws in cooperationwith the consulting team. An early adoptionof the laws would allow the marketparticipants to prepare well for the first

deals in the secondary housing financemarket in a few years time.

Summary and Outlook

Despite being early in the process, theprogram’s launch already seems to havecontributed to increased competition andimproved quality of mortgage products andservices in the market. Armenian financialinstitutions have started to increase thelongest maturity on offer to ten years,interest margins are tending downwardsand the MQS have already been applied byseveral lenders. This indicates that theprogram is set to achieve its two-prongedoverall objective (improvement of thehousing situation of lower incomehouseholds with a parallel development ofthe financial sector) over its life and beyond.Based on improving market conditions, theestablishment of the housing financerefinancing facility under the GAF towardthe end of this year, and the anticipatedavailability of other sources of long-termfunding, growth in the volume ofoutstanding housing loans to approximatelyUSD 100 million by the end of 2008 is highlyfeasible. In fact, as long as there is noeconomic downturn or political crisis, thehousing finance market can be expected tobe a major growth factor for the Armenianfinancial sector overall. The potential forgrowth becomes evident when comparingthe ratio of mortgages to GDP of less than1% in Armenia with the figures in the mostdeveloped markets such the EU and theUSA with 45% and 78% respectively.19

However, the effort to sustainably developthe housing finance market encompassesand requires more than what is being donein the framework of the program supportedby KfW Entwicklungsbank. First of all, theprogram’s volume of long-term refinancingis too low to support the anticipated growthof the primary market alone. It would behighly desirable if other developmentfinance institutions and investors

contributed significant amounts of theirown. Moreover, many other areas, closelylinked to housing finance, need to bedeveloped in parallel: pension funds,insurance, consumer education and realestate appraisal just to name a few.

In addition, construction/developer financeas well as housing microfinance financeshould be introduced in the Armenianmarket. The former is an importantinstrument to allow the supply of housing togrow at a similar rate as the demand for newhousing, which will be fueled by theincreased availability of housing finance.Without developer finance, the supply ofnew units may be outpaced by demand,resulting in price inflation instead ofimproved housing availability for Armenianhouseholds.

In addition to CSSH, housing microfinanceis an additional tool to assist lower-incomegroups with loans to incrementally improvetheir housing situation. As the credittechnology required is very similar to microlending for businesses, the development ofhousing microfinance products can build onthe successful introduction of micro lendingwithin the framework of the GAF. It will alsobenefit from the legal, regulatory and qualityimprovements made in connection withmortgage lending in general.

As we have illustrated, the Armenianhousing finance market is growing rapidly ina fertile and sound environment. Eventhough the prospects are bright, much workstill needs to be done to allow this market toreach full bloom and to improve the housingsituation for low- and middle-incomehouseholds. As there are many chances aswell as challenges, we invite Armenian aswell as international actors to seize themarket opportunities and to developsolutions for continuous growth together.

18 USAID plans to provide technical assistance for reforming the regulatory environment and staff training, without attaching funding to its program. Incontrast, IFC and EBRD will inject additional funds into the market, by extending direct lines of credit to local financial institutions, whereas ADB and KfWdo not work directly with private sector entities but have to coordinate their activities with the government.

19 Porteous (2006)



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References

Central Bank of the Republic of Armenia(2004) Concept of Mortgage LoanMarket Development in the Republic ofArmenia, Yerevan.

Central Bank of the Republic of Armenia(2006) The Banking System of Armenia –Development, Supervision, Regulation,Yerevan.

Economist Intelligence Unit (2006) ArmeniaCountry Report, London, November2006.

Ministry of Finance and Economy of theRepublic of Armenia (2004) ConceptPaper, Yerevan.

Porteous, David (2006), Assessing thepotential of financial markets:Connecting low income borrowers,contribution to the 2006 KfW FinancialSector Development Symposium, Berlin,9/10 November 2006.

Rabenhorst, Carol S. (2004) Legal Issues inArmenian Mortgage Finance: CurrentEnvironment and Recommendations forFuture Development, Washington, DC,September 2004.

Rabenhorst, Carol S. and Stephen B. Butler(2005) Development of a SustainableMarket for Housing Finance in Armenia:Report on Legal Issues and Advice toCounterparts, Washington, DC,September 2005.

Rabenhorst, Carol S. et al. (2005)Development of a Sustainable Market forHousing Finance in Armenia: FeasibilityStudy and Project Design, Washington,DC, September 2005.

Struyk, Raymond et al. (2004) Pre-FeasibilityStudy of the Housing Finance Market inArmenia, Washington, DC, October2004.

United Nations Economic Commission forEurope (2004) Country Profiles on theHousing Sector – Armenia, New Yorkand Geneva, 2004.

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