The Financial Market Control House (FMCH) of Azerbaijan has become the Transitional Administrator in JSC Bank Standard. According to today's press conference of the FMCH head Rufat Aslanli, the decision was made by the Board of Directors due to the deterioration of the assets and the bank's liquidity and the fact that the bank’s shareholders do not have the resources and leverage to exit from the situation.
According to Aslanli, the interim measures are introduced for a period of 3 months - for the period of the program on financial rehabilitation of the bank. For this purpose the Central Bank of Azerbaijan has allocated a loan in the amount of 15 million manat for six months. The amount of government support for the bank will be determined in a month.
The head of FMCH informed about another measure – by the decision of the court, payments on deposits will not be made until June 3.
In addition to the mentioned bank, there are no "candidates" for interim administration, as Aslanli reassured the public and other banks. He said FMCH controls the situation and conducts stress tests in all financial and credit institutions. --17D-
Economics
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