When asked why rural farmers are being given loans in U.S. dollars instead of Armenian currency, Ararat Ghukasyan President of the RA Union of Banks, replied that vilagers have always been well treated by the banking system. "Yes, perhaps villagers are having a harder time getting loans, but banks in the system cooperate with the villagers. Due to this cooperative spirit a new policy for agricultural loans is being drafted, especially in terms of payment conditions. The banks are looking at ways to make payment of loans less burdensome," Mt. Ghukasyan said. Specifically, as to why loans are given in dollars, he stated that it was because most of Armenia's debts, some 70% are in dollars. "So the question becomes to give loans or not to give them. I would think you would agreee that it better to give the loans so that villagers can realize their operations in agriculture," he replied. As to the fact that many villagers have been forced to sell off their houses and property to make loan payments, Mr. Ghukasyan noted that during the first quarter of this year only 10% of those taking out loans had their assest seized by the banks. He added that only 1% of all loan recipients wind up being sued in the courts by the banks for non-payment.