Depositors of Bank Standard Receive AZN 8 Million on First Day of Indemnity Payment

The Deposit Insurance Fund began compensation to depositors of Bank Standard on October 11.

On the first day the bank’s depositors were paid AZN 8 million 230 thousand.

It should be noted that the issue of compensation will continue throughout the year. Given the large number of contributors, as well as the availability of socially sensitive categories of the population, Deposit Insurance Fund made a decision to pay up to 20 thousand dollars at the first stage.

Payments will be issued in the currency in which the deposits were made. In case of deposits 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manats will be carried out according to the official rate of 4 October 2016, that is, the day when the bank's license was revoked.

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 bank’s main office.

Investors may apply for compensation within one year.

The population's deposits in Bank Standard are AZN 603 million, of which AZN 460 million will be compensated. Deposits in US dollars amount to USD 175 million and deposits in AZN are AZN 172 million. -71D-