CIS deposit insurers mull topical issues in Baku

Azerbaijan, Baku, Nov. 29 / Trend N.Ismayilova /

Baku has today launched a two-day seminar on the role of deposit insurance in stabilizing the financial system in Azerbaijan in the coming weeks. At the event held by the Eurasian Regional Committee (EARC) under the International Association of Deposit Insurers (IADI). The heads of the CIS relevant structures exchanged experiences and discussed the current problems in this area.

Azerbaijani Deposit Insurance Fund (ADIF) Executive Director Azad Javadov said the global financial crisis has not affected the decrease in volume of deposits in Azerbaijani banks, on the contrary, there was observed a growth.

"The total amount of deposits in Azerbaijani banks amounted to $3.368 billion as of late third quarter of 2010. The volume of guaranteed deposits hit $2.211 billion, unsecured - $1.157 and compensated deposits - $1.02 billion manat," Javadov said.

Javadov said during the report period, the total deposits increased by 24.6 percent, guaranteed deposits - 18.7 percent, non-guaranteed - 37.3 percent and compensated - 17.1 percent. The portfolio's currency distribution is as follows: 42.3 percent of deposits - in manat, 48.8 percent - in dollars and 8.9 percent - in euros.

Chairman of the Deposit Guarantee Fund (DGF) of Ukraine Vasily Pasichnyk said despite the global financial crisis, the creation of banks in Ukraine continued. Five banks were eliminated and the same number of banks opened in the country in 2009, he added.

"Today, the Foundation cooperates with the World Bank in providing technical assistance to research and technology improvement of the DGF," he said..

The global financial crisis forced the Kazakh government to reconsider limit on the amount of deposit insurance and raise it from 700,000 to 5 million tenge, Deputy Chairman of the Kazakh Deposit Insurance Fund Senol Zindayeva said. 

"In addition, the government annually allocates funds for strengthening the capitalization of the fund, the authorized capital of which today exceeds $1 billion. It is an annual increase of 10 million tenge," she said.

Zindayeva said 99.7 percent of total deposits in Kazakhstan today are insured, and their total amount hits 943 billion tenge. The share of the remaining 0.3 percent in overall terms is 1,192 billion tenge.

The official exchange rate is 0.8001 manat to $1 Nov. 29.

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