ADIF's insurance reserves jump by 7 percent

Business Materials 26 July 2011 11:23 (UTC +04:00)

Azerbaijan, Baku, July 26 / Trend N.Ismayilova /

The aggregate deposits of physical entities in member-banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the first half of 2011 reached 3.381 billion manat, ADIF Executive Director Azad Javadov told Trend. The figure increased by 6.6 percent in the second quarter.

Of this figure 2.23 billion manat (14.8 percent) fell to insured deposits. The number of insured depositors amounted to 5. 423 million people during the reported period.
Calendar payments made during the first half of 2010 by 43 member banks amounted to 1.226 million manat, $1.392 million and 181,000 euro.

The fund's insurance reserves increased by 7.2 percent in the second quarter and amounted to 37 million manat.

The deposits, placed in ADIF member banks with an annual interest rate exceeding 12 percent, have not been insured by the fund since June 1. The payment of compensations is not envisaged.

At present, the maximal level of insurance coverage for the deposits is 30,000 manat. Investors do not make any payments to insure their deposits. Insurance payments are made only by banks.