Depositors of Bankrupt Royalbank Offset 12.3 Million Manat

From August 1, the insured depositors of bankrupt Royalbank-and was paid compensation for a total of 12.262 million manat. This is stated in the message of the Azerbaijan Deposit Insurance Fund (ADIF)

Through 27 branches of three banks - agents (Bank Respublika, MuganBank, AGBank) selected for ADIF compensation the insured depositors of Royalbank will be paid 14.718 million manat. In all, the total amount of insured deposits of the bank is 26.731 million manat. Thus, they have paid 83% of the total amount of compensation and 46% of the amount of insured deposits. The process of issuing compensation will continue until 20 July 2013.

CBA on July 12 this year eliminated the license of Royalbank due to the non-compliance by the bank with requirements to a minimum level and adequacy of total capital, default on their obligations to creditors, including the management and the current activities were not reliable, as well as failure to perform written instructions of the Central Bank.

The Fund has been active from August 2007. Its members include 42 of the 43 banks operating in the country. The total volume of its insurance reserves now stands at 48 million manat. The maximum amount of insurance compensation to one contribution is 30,000 manat. Since June 1, 2010, the Fund has not insured deposits with interest rates that exceed 12%. -15D-