Azerbaijan, Baku, July 26 /Trend I.Khalilova/
Azerbaijan Deposit Insurance Fund (ADIF) has completed the distribution of deposit accounts of the closed Royal Bank for three agent banks, through which the compensation will be paid, executive director of ADIF Azad Javadov told Trend on Thursday.
The CBA board of directors made a decision on the revocation of RoyalBank's licence on July 12. In this regard, the bank selected three-agent - Muğanbank, Bank Respublika, and AGbank, which had already established internal working group for the efficient organization of work for compensation to insured depositors of Royal Bank.
"Due to the fact that payment of compensation will be carried out from August 1, the accounts of Royal Bank depositors are fully distributed among the three banks at today's meeting," Javadov said.
Ten branches of Bank Respublika, which will issue will issue compensation totaling 2.733 million manat to 762 investors, will serve 13 branches of Royal Bank.
Three branches of Agbank, which will issue compensation totaling 6.513 million manat, will serve 2685 depositors of Royal bank's three branches.
Fourteen branches of Muğanbank, which will issue compensation totaling 7.976 million manat, will serve 2808 depositors of Royal bank's 17 branches.
In total, according to Javadov, payment will be made to 6255 depositors in the amount of 17.223 million manat. Accordingly, the accounts of depositors in 33 branches of the Royal Bank will be served by 27 branches of the three agent banks.
Currency composition of compensated deposit portfolio is as follows: deposits in national currency in the amount of 9.620 million manat in U.S. currency - $8.281 million, and European currencies - 1.141 million euros.
"We plan to prepare a booklet with the addresses of bank branches-agents, which transferred service of branches of Royal Bank, with an indication of their location on a map and a list of documents to be submitted for payment. In addition, we share application form and fill in including affiliates and former Royal Bank branches, to enable clients to get compensation payments ", - said the head of the foundation.
According to him, in the coming days, banks need to enter in their information systems in the data presented on the basis of their registry obligations of "Royal Bank" to the insured depositors.
"For those investors will be opened accounts, and the August, 1 will begin the process of compensation - Javadov said. - As expected, we will complete the process in terms and 14 days after the insured event we will begin payment of compensation, which, in turn, enhance confidence in the deposit insurance system. "
closure of Royal Bank on July 16 officially recognized by the insured event, and moratorium was appiled to fulfill its obligations to depositors.
Deposits in member banks ADIF, at an annual interest rate of over 12 percent are not insured by the fund and the compensation is not provided for them. Currently, the maximum level of insurance coverage for a single deposit is 30,000 manat.
ADIF began operations on August 13, 2007.
Forty-three of 44 banks operating in the country are members of the bank. One bank is still working with a limited license because of non-compliance with Central Bank requirements. It does not have the access to receive deposits.
Royal Bank was established on August 2, 1993 as the joint commercial bank 'OZ Bank'.
The official exchange rate is 0.7856 AZN to $ 1 on July 2.