Azerbaijan, Baku, July 19 /Trend A.Akhundov/
The Azerbaijan Deposit Insurance Fund (ADIF) has chosen three agent banks to make payments to Royal Bank's insured depositors last week. They are Muğanbank, Bank Respublika and Agbank, ADIF Executive Director Azad Javadov told Trend on Thursday.
The decision was taken at an extraordinary meeting of the board of trustees, held on Wednesday.
The CBA board of directors made a decision on the revocation of Royal Bank's licence on July 12. According to the decision, a temporary administrator has been appointed in the Royal Bank since July 13.
"The next phase the temporary administrators will prepare the register of depositors. Then we will check the register and transfer it to agent banks. These and other works, as well as the inclusion of data in data bases of agent banks will require some time," Javadov said.
He noted that the agent banks will begin to pay compensation since August 1. Cards will be issued to depositors who have deposits larger than 50 manat, using which they can receive money from ATMs of the banks. According to preliminary data about $ 22 million manat will be needed for the payment of compensation, which will cover approximately 47,000 depositors.
Since June 1, 2010, the deposits to ADIF member banks at an annual interest rate of over 12 per cent are not insured by the Fund. Currently, the maximum level of insurance coverage for the deposit is 30,000 manat.
RoyalBank is a commercial bank operating in Azerbaijan. It has 32 branches in Baku and regions of the country. The bank has Royal Card processing centre.
Royal Bank was established on August 2, 1993 as the joint commercial bank 'OZ Bank'.
The official exchange rate on July 19 is 0.7858 AZN/USD.
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