Delivery of Compensation for All Insured Deposits in Bank Standard to start October 17

From October 13, the Deposit Insurance Fund started providing compensation for deposits up to 50 thousand dollars and 80 thousand AZN in Bank Standard, the Fund said in a statement. The compensation is granted to 14 branches of the bank, including the head office.

The Financial Markets Supervision House, in turn, reported that delivery of compensation for all insured deposits, regardless of their volume, will start on 17 October.

The population's deposits in Bank Standard are 603 million AZN, of which 460 million AZN is to be indemnified. Deposits in US dollars amount to 175 million USD and deposits in AZN amount to 172 million AZN.

Given the large number of contributors, as well as the availability of socially sensitive categories of the population, the Deposit Insurance Fund in the first phase began issuing deposits compensation up to 20,000 dollars.

Payments will be issued in the currency in which the deposits were made. In case, the deposits are in multiple currencies (in manats, US dollars or in other currencies - Ed.), they will come back in manats, and the conversion of foreign currency into manats will be carried out according to the official rate of 4 October 2016, that is, the day when the bank's license was revoked.

During the first two days of the issuance of compensation, October 11-12, depositors of Bank Standard received 20,452,000 manats.

Depositors can apply for compensation up to October 2017. -71D-