Since Early August about 16% of Insured Depositors Receive Compensation from Royalbank

From August 1, the insured depositors of bankrupt Royalbank were paid compensation totaling 11 million manat, the executive director of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov said.

According to him, the compensation was granted to 1.1 thousand investors from the seven thousand. Thus the compensation was received by 15.7% of the insured depositors.

Through 27 branches of three banks - agents of ADIF compensation to the insured depositors of Royalbank will be paid in the amount of 14.9 million manat. The process of issuing compensation will last until 20 July 2013.

On July 12 this year CBA eliminated the license of Royalbank for non-compliance with the bank requirements and the minimum level and adequacy of total capital, default on the obligations to creditors, including the management and the current activities, which were not reliable, as well as failure to comply with the written instructions of the Central Bank.

The Fund has operated 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 exceeded 12%. -15D -