Another action of protest of Bank Standart depositors

Baku / 14.09.20 / Turan:  On Monday thee depositors of the bankrupt Bank Standart held another protest rally in front of the Central Bank (CBA) building, demanding the return of their deposits.

“I have a deposit in the bank for 30 thousand dollars, and they returned me only 18 thousand manats. The dollar deposit must be returned in dollars. We are tired of going to different institutions where we are sent away.

The director of the Insurance Fund promised to consider our issue after September 15th. They say now they are returning the deposits of 4 banks liquidated this year.

In Bank Standart, the bulk of the money was issued in the form of unsecured loans to 153 large clients. These 153 clients received 80.3% of all funds in the bank. But none of the bank's management or major recipients of loans has been held accountable. Because of them, we cannot get our money, ”said one of the protesters. The police pushed the protesters away from the building. It was not possible to get comments from the CBA and the Deposit Insurance Fund.

Bank Standart, one of the largest financial institutions in Azerbaijan, was declared bankrupt in October 2016. The then Chamber for Supervision of Financial Markets stated that the bank had 520 million manats of deposits, including 460 million manats protected. According to depositors who refer to a document from the Deposit Insurance Fund as of August 31, 2020, Bank Standart's obligations to individuals amount to 156 304 386 manats.

At the same time, the bank owes 321 depositors up to 30,000 manats; 73rd - from 30 thousand to 50 thousand manats; 85 - from 50 thousand to 100 thousand manats, 106 - from 100 thousand to 500 manats, 21 - over 500 thousand manats. -021С06-