Ninety Per Cent of Insured Deposits in Bank Standard Compensated

There was a meeting on the Elimination Plan for JSC Bank Standard. The meeting was held with the participation of members of the Board of Directors of the Financial Markets Supervision House (FMSH), the heads of the Deposit Insurance Fund, the legal company BM Morrison and the KPMG international audit company.

The head of the FMSH Board of Directors Rufat Aslanli said that so far around 90% compensation for the insured deposits in Bank Standard has been indemnified.

Compensation for non-insured deposits in the bank and the amounts due to other creditors will be issued after the implementation of the bank's liquid assets in the order stipulated by the legislation.

According to him, for transparency and to protect the interests of creditors the creditors’ participation in the liquidation process will be ensured.

It was reported that December 12 is the last date of registration of the creditors' claims. After checking the requirements they will apply to the court for approval of the registry of creditors.

The decision to revoke the license of JSC Bank Standard was adopted on 1 October. Of the 603 million manat of the population's deposits in the bank 460 million manat had to be compensated. According to the November 21 report, depositors had been compensated 420 million 272 ​​thousand manat. -----71D