Azerbaijan Deposit Insurance Fund Becomes Member of EFDI
Azerbaijan, Baku, 20 October / Trend corr. I.Khalilova / The Azerbaijan Deposit Insurance Fund (ADIF) has become a member of the European Forum for Deposit Insurers (EFDI), the Fund said on 20 October.
The EFDI was established in October 2002 and at present unites 54 organizations for deposit insurance from 39 European countries.
The German organization Global Banking Development Solution, a consultant of the ADIF, assisted the fund in development of documents to join the European Forum.
"Membership in the European organization is useful to get familiarization with achievements and problems of other insurance funds and agencies, Azad Javadov, the executive director of the fund, said. It assists in introduction of a better experience."
Annual membership fees at the EFDI makes up €850.
The Azerbaijan deposit insurance fund of individuals is functioning since 13 August 2007. At present 38 of 45 Azerbaijani banks are members of this organization. The ADIF guarantees repayment of 100% of deposits at member banks, whist if amount of deposit does not exceed AZN 6,000. Banks do not realize any payments for it and they only carry out insurance payments.
Although three-year measures plan on institutional development of the fund was developed with assistance of Global Banking Development Solution, whilst it is important for the ADIF to get data on processes and procedures applied in other countries during its future activity.
Workshops and conferences with participation of the member countries are organized within he framework of the European Forum.
The exchange rate for US dollar is AZN 0.8093 on 20 October.
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