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Depositors of bankrupt Azerbaijani banks get over 206M manats

Business Materials 24 August 2016 17:07 (UTC +04:00)
The Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 206 million Azerbaijani manats to depositors of DekaBank, KredoBank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Gandjabank and Texnikabank
Depositors of bankrupt Azerbaijani banks get over 206M manats

Baku, Azerbaijan, Aug. 24

By Azad Hasanli – Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 206 million Azerbaijani manats to depositors of DekaBank, KredoBank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Gandjabank and Texnikabank, ADIF said in a message Aug. 24.

Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1 and the payment of compensations has been carried out since that day.

Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23.

Payments are being carried out at the branches of those closed banks.

Depositors of Parabank and Zaminbank received 20.3 and 29.3 million manats out of the total compensations of 43.79 million manats and 36.35 million manats, respectively.

The compensations paid to DekaBank’s depositors amounted to 2.4 million manats out of the payments’ total volume of 5.59 million manats.

KredoBank’s depositors received compensations worth 9.9 million manats out of the compensations’ total volume of 30.21 million manats.

The compensations paid to depositors of Caucasus Development Bank and AtraBank amounted to 0.14 million manats and 317.4 manats out of the total compensations of 1.5 million manats and 13.9 million manats, respectively.

Depositors of Bank of Azerbaijan received compensations worth 24.05 million manats out of the compensations’ total volume of 24.2 million manats.

The compensations paid to depositors of Gandjabank and Texnikabank amounted to 895.5 million manats and 119.5 million manats out of the total compensations of 1.5 million manats and 122.6 million manats, respectively.

The licenses of all the nine banks were cancelled during 2016 as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.  

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