April 28 Considered Day of Insured Event in Four Closed Banks - Deposit Insurance Fund

Baku / 06.07.20 / Turan: One of the depositors of the closed NBC bank complained about the incorrect calculation of interest on deposits when compensating insured deposits.

Azad Mahmudov, who contacted Turan in his complaint, indicated that interest on deposits was calculated before April 18, while he said that it should be calculated from the day the judgment comes into force, which dates back to June 14.

“The difference is 2 months. Many customers complain about this,” he wrote in his complaint.

The press service of the Deposit Insurance Fund, which was appointed a liquidator for the closed banks, said they were guided by a letter from the Central Bank.

“The Central Bank has determined the insured event for all four banks since April 28. On this day, the Central Bank sent a letter to the Deposit Insurance Fund. On April 28, the Central Bank revoked the Atabank and Amrahbank licenses, and on May 12, those of NBC and AGBank. We cannot determine the day of the insured event ourselves. The Central Bank decides this as a financial regulator,” the Fund’s press service said. –71D-