The depositors of closed six banks can count on a total of 68 million manats of compensations.
According to the head of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov at today's press conference, first on the basis of data provided by banks, the amount of insured deposits was at the level of 80 million AZN. But the final analysis of the layout of deposits of Bank of Azerbaijan has shown that 12 million AZN of them contain elements of risk. So assessment of compensated deposits dropped to 68 million manats," he said.
The payment of compensation by the ADIF will start immediately after receiving the letter from the Central Bank of Azerbaijan Republic that a bank is unable to meet its obligations. For JSC Bank of Azerbaijan the document is already available, while in respect of other financial institutions nothing has been received yet, said the head of the insurance structure.
Recall, from 18 to 27 January the Central Bank canceled the licenses of Bank of Azerbaijan, NBC Bank, United Credit Bank, Gafgaz Inkishaf Banki, Gandjabank and Atrabank.
The Fund was established in the framework of the law "On deposit insurance" on 29 December 2006. It is intended to guarantee the return of savings to depositors of banks in case of the bank's bankruptcy and liquidation of its license to accept deposits. --17D-
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