Investors to Receive AZN 45 Million as Compensation from Ten Closed Banks
Of the 460 million manat of insured deposits in Bank Standard AZN 425 million has been disbursed by now, the head of the Board of Directors of the Financial Markets Supervision House (FMSH) Rufat Aslanli said.
Speaking at the Banking Forum in Baku, Aslanli said the remaining amount will be issued in the coming days. He noted that through the Deposit Insurance Fund 23,000 depositors of 10 closed banks were paid 710 million manat. “It remains to pay AZN 45 million to 130,000 depositors. To fulfill these commitments the Fund has enough liquidity.”
Aslanli stressed that currently they are looking for ways to increase capital of the Deposit Insurance Fund.
“The processes of restructuring will be the signal for the banking sector and the public that we capitalize the deposit insurance system and the system has the financial stability to meet their obligations. After that the state should withdraw from these processes,” he said. -----71D
Economics
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