Azerbaijan's Constitutional Court decides in favor of citizens on deposits in closed banks
BAKU, Azerbaijan, Aug. 11
By Asif Mehman - Trend:
Constitutional Court of Azerbaijan announced decision on blocked deposits of citizens in closed banks, Member of Azerbaijani Parliament’s Committee on Economic Policy, Industry and Entrepreneurship, expert Vugar Bayramov told Trend.
According to Bayramov, based on the decision, those deposits which were received after applying the corrective measure, increased in volume and changed in terms, are considered protected.
He noted that the "corrective measure" implies a decision to ban some banks from accepting deposits, that is, deposits received after the ban on accepting deposits in bankrupt banks are considered protected.
The MP also noted that the closed banks - NBC Bank, AG Bank and ATA Bank - received deposits from the population despite the ban, and the money was blocked after they were declared bankrupt.
“The Constitutional Court actually made the decision in favor of the citizens, as suggested. The issue is about the return of deposits of more than 1,300 citizens in the amount of 62 million manat [$36.4 million],” he said. "At the same time, the decision states that the bank deposit agreement is considered concluded from the moment the depositor transfers the deposit to the bank and must be accepted as the initial (main) agreement.”
“The date of migration of the deposit agreement cannot be considered the moment of the deposit agreement conclusion. The issue is related to Atabank, which was announced bankrupt,” Bayramov pointed out.
“Thus, after the closure of some branches of the bank, the deposits were transferred to another branch. The court clarified this issue, as well,” he said.
“It’s expected that after this decision, the date of return of deposits will be determined in the coming days, the return of deposits will begin soon, and the Deposit Insurance Fund will inform citizens about the issue," MP added.
(1 USD = 1.7 manat on Aug.11)