Azerbaijan, Baku, Feb. 19 / Trend, A. Akhundov /
Nearly 65 percent of the resources of the Azerbaijan Deposit Insurance Fund (ADIF) have been placed in government securities, Executive Director of the Fund, Azad Javadov told Trend.
To date, 28 million Manat have been placed in government securities with a 4.6 percent rate of return, and five million have been transferred to the management of Deutsche Asset Management International.
"Today, the insurance reserves of the fund are estimated at 56.2 million manat, 50.6 million manat has been accumulated by banks, 430,000 has been collected as calendar payments, another five million has been received as a soft loan from the German Development Bank (KfW). Of this amount, 14.7 million Manat is transferred to agent banks to make payments to depositors of the bankrupt Royal Bank. Investors have not yet applied for the $ 1.8 million Manat and the unpaid balance of compensation by July 16 will be credited back to the fund," Javadov said.
On July 16, the closure of Royal Bank was officially recognized as an insurance case. According to the register of obligations to depositors, 7,063 people with a total contribution of 26.5 million Manat were entitled to compensation in the total amount of 14.7 million manat (55 percent).
The compensation has been paid through Muganbank, Bank Respublika and Agbank since Aug. 1 where special working groups have been created. The accounts of depositors in 33 Royal Bank branches will be served by 27 branches of three agent banks.
The payments will be made until July 20, 2013.
ADIF began operations on August 13, 2007.
Today, ADIF members are 42 banks of 43 banks operating in the country.
The official exchange rate for Feb. 19 is 0.7847 AZN / USD.