Azerbaijan, Baku, Feb. 16 / Trend I. Khalilova /
The Azerbaijani Deposit Insurance Fund (ADIF) and the Azerbaijani Ministry of Finance signed a secondary loan agreement due to drawing of KfW loan to the amount of 5 million euros for the capitalization of the fund, KfW Baku's office head Natiq Abdullayev said.
"The credit is expected to be allocated in the nearest future. The bank could not provide the funds without the agreement, because the Ministry of Finance is the borrower, and the ADIF - the end consumer of the credit, Abdullayev said.
After receiving credit, ADIF plans to transfer the fund's means for short-term management to foreign banks. A brokerage company is expected to be attracted, the executive director of the fund Azad Javadov said.
Then he did not rule out the possibility of attracting a subsidiary of Deutchebank - Deutche Invest as a fund manager of ADIF. According to the investment policy of the Fund, it means can be placed in the high rating securities of foreign banks and financial institutions with a rating of "AAA".
Today, the fund's assets are placed partially in short-term governmental bonds and overnight in the U.S. Federal Reserve System. Portfolio of overnight fund reached $4.855 million last year compared to $2.8 million as of early 2009.
Short-term tools for placing funds make it possible to withdraw them at any moment, if the fund needs them because of the bankruptcy of a member-bank, although there is no such preconditions.
Today, members of the bank are 42 banks among 46 operating in the country. The rest four banks operate with a limited license, not having access to receive deposits due to incompliance with the Central Bank's requirements.
Totally, ADIF incomings with paid member fees in 2009 amounted to 18.165 million manat. As of 2009, total deposits of physical entities in banks-members of ADIF were 2,17 billion manat, uninsured deposits - 674.885 million manat, insured - 1,495 billion manat. Total insured deposits were 68.9 percent.
The number of insured depositors hits 5.07767 people.
Since January 1, 2009 deposits placed in banks with an interest rate above 15 percent, are not insured by the fund. The compensation is not envisaged. The maximum level of compensation currently amounts to 30,000 manat.
As of Feb. 16, the official rate is 0,8033 manat to $1.