From October 11 starts delivery of compensation to depositors of Bank Standard, said the Financial Markets Supervision House. Taking into account the large number of depositors, as well as the availability of socially sensitive categories of the population, the Deposit Insurance Fund in the first stage will start issuing compensation of deposits of up to USD 20,000.
Payments will be issued in the currency in which the deposits were made. Deposits in multiple currencies (in manats, US dollars or in other currencies - Ed.) 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manats will be carried out according to the official rate of 4 October 2016, that is, the day when the bank's license was revoked.
The process of issuing deposit payments on a large scale will begin in the coming days and it will be reported separately. Issue of compensation will be implemented in 14 branches of Bank Standard in Baku and in the regions, including the main office of the bank.
Investors may apply for compensation within one year.
The population's deposits in Bank Standard are AZN 603 million, of which offset is AZN 460 million. Deposits in US dollars amount to USD 175 million and deposits in AZN are AZN 172 million. ------71D
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