The depositors of failed banks have received compensation amounting to more than 63 million AZN.

The depositors of bankrupt OJSC «Texnikabank», «Bank of Azerbaijan» and «Ganjabank» received in the form of compensation for insured deposits total 63,275,000 manats. According to the Azerbaijan Deposit Insurance Fund (ADIF), before all, on January 29 began the payment of compensation for insured deposits in the Bank of Azerbaijan, where the fund agents assigned Muganbank and Rabitabank. Approximately 6.600 depositors of this structure will have a total of 24,199,450  manat.

From February 4th to depositors Ganjabank paid compensation amounting to more than 675,000 manat, and from February 12, Texnikabank depositors got together a little more than 40.1 million AZN. Also Muganbank and Rabitabank-agent banks in this case assigned to Kapital Bank and Unibank.

The  largest amount of insured deposits was registered at JSC «Texnikabank» - 123,166,426 manats to 20,340 depositors.

Bankrupt banks, according to the decision of the Central Bank of Azerbaijan, did not fulfill requirements to the minimum total capital to AZN 50 million. This financial structure  did not keep obligations to creditors,  and did not provide  reliable and prudential  activity.

ADIF operates within the law "On deposit insurance" of December 29, 2006. It aims to guarantee the return of savings in case of bank failure. On February 1, was removed the ceiling interest rate (12%) of insured deposits, and the deposits up to 30,000 manat on one bank account are returned. --17D-