Azerbaijan reduces fees of Deposit Insurance Fund member-banks (UPDATE)
Details added (first version posted at 14:27)
Baku, Azerbaijan, Jan. 19
By Anvar Mammadov - Trend:
Azerbaijan has reduced the additional fees paid by the Deposit Insurance Fund member-banks up to 0.1 percent, in accordance with the law "On deposit insurance", adopted in the Azerbaijani parliament Jan. 19.
The additional fees are paid by the banks along with the calendar fees if the fund borrows for the payment of compensation till the fund fulfills its obligations.
Earlier, additional fees were paid in accordance with the amount of the debt taken by the fund and the conditions for its return, provided that this amount does not exceed 0.2 percent of the daily average residual amount of the protected deposits during the quarter.
The changes also affected the amount of penalties payable to the fund by the banks which have not paid insurance contributions timely or fully.