Return of blocked deposits in closed banks in Azerbaijan to begin in few days
BAKU, Azerbaijan, Aug. 11
By Asif Mehman - Trend:
The return of deposits blocked in closed banks in Azerbaijan will begin on August 14, the Azerbaijan Deposit Insurance Fund (ADIF) told Trend.
As reported, on the basis of the request of the Azerbaijani Cabinet of Ministers on ADIF’s appeal regarding the return of deposits that have come under corrective measures, Atabank, NBCBank and AGBank, which are in the process of liquidation, as well as in connection with deposits by mistake registered in the register of liabilities of Atabank in the process of liquidation to depositors as unprotected deposits, the Constitutional Court of Azerbaijan interpreted Article 22.214.171.124 of the Law of Azerbaijan ‘On Deposit Insurance’ from the point of view of Articles 47 and 48 of the Law of Azerbaijan ‘On Banks’.
According to the decision of the Constitutional Court, the deposits taken by Atabank, NBCBank and AGBank, after the application of corrective measures, increased in volume and changed in terms, were considered protected deposits, also for deposits erroneously registered in the register of obligations to depositors being in the process of liquidation of Atabank as unsecured deposits, 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.