Amount of Payments on Deposits in Failed Banks Known

It has become known that 378 insured depositors of Gandja Bank will be paid 1.5 million AZN by Azerbaijan Deposit Insurance Fund (ADIF).

As the head of the Fund Azad Javadov told reporters, the agent banks are Rabita Bank, Uni Bank and Capital Bank - their branches and head offices will handle the deposits of the failed bank. The compensation payments will start on February 4.

Payments for 6,000 accounts will be completed within a week, but only 1,000 of them refer to relatively large savings, while the others are up to 1 manat each.

The initial deposit amount was 1.9 million manats, of which 1.5 million manats has already been transferred to the agent banks for the payment of compensation. The remaining amount of 400 thousand manats is being studied.

In total three banks have been found bankrupt - Bank of Azerbaijan, Gandja Bank and United Credit Bank. The Central Bank considered as misunderstanding the revocation of the license of NBC Bank, returning it back. The performance materials for Tekhnika Bank, Atra Bank and Gafgaz Inkishaf Banki are studied.

According to Azad Javadov, the preliminary amount of compensation that ADIF is going to pay for the return of deposits in the three bankrupt banks will be 28,830,000 manats. --17D-