Depositors Royalbank compensated by 12.7 million manat

As of January 1 this year, the insured depositors of bankrupt Royalbank-and was paid compensation totaling 12,716 mln. 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 ADIF for the product compensation to insured depositors of "Royalbank" will be paid 14,712,000 manats. Overall, the total amount of insured deposits of the bank is 26.5 million manat. Thus, there has been paid 86.4% of the total compensation. All in all, 4264 is depositors to pay 1.996 million manat. The process of issuing payments started on 1 August 2012 and will last until July 20, 2013.

The Central Bank of Azerbaijan on July 12 last year abolished the license of "Royalbank", because of non-bank requirements to a minimum level and a total capital adequacy, non-performance of obligations to creditors, including the management and ongoing activities were not reliable, as well as the failure of written instructions of the Central Bank.

The Foundation operates with August 2007. Its members include 42 of the 43 banks operating in the country. The total amount of its insurance reserves now stands at 45.2 million manat. The maximum amount of insurance compensation is for a contribution of 30,000 manat. On 1 June 2010 the fund does not insure deposits at interest rates higher than 12%. -15D -