Since Early August, 16.4% of Insured Depositors of Royalbank Received Compensation

From August 1, the insured depositors of bankrupt Royalbank were paid compensation for a total of 11.723 million manat.

According to the report of the Azerbaijan Deposit Insurance Fund (ADIF), on September 5, the indemnity was granted to 1,162 investors from the 7,067. Thus, the compensation was received by 16.4% of the insured depositors. Of these, 1,080 residents were paid 8.342 million manat, 3.094 million U.S. dollars (in manat equivalent) and 68,000 euros. Respectively 82 non-residents were paid 213 thousand AZN, 781,000 U.S. dollars and 60,000 euros.

Through 27 branches of three banks - agents selected by ADIF to pay compensation to the insured depositors of Royalbank, 14.658 million manat will be paid. The process of issuing compensation will last until 20 July 2013.

CBA on July 12 this year eliminated the license of Royalbank due to the non-compliance by the bank with the requirements to a minimum level and adequacy of total capital, default on the obligations to the creditors, including non-reliable management and current activities, as well as failure to perform the written instructions of the Central Bank.

The Fund has existed from August 2007. Its members include 42 of the 43 banks operating in the country. The total volume of its insurance reserves now stands at 48 million manat. The maximum amount of insurance compensation per deposit is 30,000 manat. Since June 1, 2010, the Fund has not insured deposits, the interest rates of which exceeds 12%. -15D -