Full deposit insurance bill won’t cover Bank of Azerbaijan
Baku, Azerbaijan, Jan. 19
The draft law on full deposit insurance coverage will not affect depositors of the Bank of Azerbaijan, Elman Rustamov, the head of the Central Bank of Azerbaijan (CBA), told reporters Jan. 19.
Payments to depositors of Bank of Azerbaijan, the license of which was revoked, will affect only the insured part of deposits, he said.
Bank of Azerbaijan's license was eliminated on Jan. 18, according to the CBA's decision, due to the fact that the bank has violated the minimum requirement for total capital and total capital adequacy ratio was less than three percent (regulatory requirement is 10 percent).
The Bank appointed temporary administrator from Jan. 18.