Three bankrupt banks in Azerbaijan to get over 28M manats in compensation
Baku, Azerbaijan, Feb. 3
By Anvar Mammadov - Trend:
Preliminary amount of compensation, which will be paid by Azerbaijan Deposit Insurance Fund (ADIF) for the return of deposits in three bankrupt banks, will amount to 28.83 million manats, head of the fund Azad Javadov told reporters.
Currently, insurance cases have been announced in Bank of Azerbaijan, Ganja Bank and United Credit Bank.
Javadov noted that even if the rest liquidated banks [their total number is seven] are declared bankrupt, the ADIF will have enough money to pay out compensations.
The volume of insured deposits at Texnika Bank is 79.34 million manats, Atra bank - 7.56 million manats, while the Caucasus Development Bank has insured deposits worth 1.52 million manats, according to preliminary data.
"It is easy to calculate that even if these three banks are declared bankrupt, the total amount of reimbursable contributions will be slightly more than 117 million manats, while the fund has 132 million manats," the head of the fund said.
Javadov noted that in case of shortage of money, the fund will attract a loan from the Central Bank of Azerbaijan.