Disclosed Debts of International Bank

The financial statements of the "sick" International Bank of Azerbaijan (IBA) for the first half year have been promulgated. According to the documents certified by the auditors, its current debt only to foreign financial institutions is 104 million 830 thousand manats (+ 49.8% YTD).

Total debt as subordinated loans by July 1 was 720 million 108 thousand manats (+ 298.6 million to the beginning of the year).

In addition, the credit indebtedness of IBA to the Central Bank of AR (CBA) by the end of the reporting period stood at 600 million manats (+ 71.4% YTD).

IBA's operations started in 1992. Its main shareholder (51.07% of the securities) is the Government through the Ministry of Finance, and the remaining 48.93% of the share capital is owned by private shareholders. --17D-

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