Baku, Azerbaijan, May 3
Azerbaijan's Financial Market Supervisory Body has appointed a temporary administrator of the country's Bank Standard, Rufat Aslanli, head of the Body's Board of Directors, said during the press conference in Baku May 3.
It is due to the deterioration of the bank's liquidity and capital position, he added.
Aslanli noted that the shareholders are unable to resolve the bank's problems.
The temporary administration will be active for three months, he said, adding that taking into account the systemic importance of the bank, it will be rehabilitated and the supervisory body will work out a relevant program for this purpose.
He said that financial resources will be allocated to the bank for resolving its problems, adding that the deposit payments will be suspended for one month.
After determining the full volume of the state support, the depositors will be able to use their deposits, according to Aslanli.
"The moratorium doesn't affect the payment of wages to the employees of Bank Standard and companies which are the bank's clients," he said.