Depositors of closed Azerbaijani banks can receive compensations from August
Baku, Azerbaijan, July 26
By Maksim Tsurkov – Trend:
Depositors of the four closed Azerbaijani banks – Zaminbank, Dekabank, Kredobank and Parabank – can apply to receive compensation from August 1, said Azerbaijan Deposit Insurance Fund (ADIF) in a message July 26.
The message says that insured event happened at the above-mentioned banks on July 25.
According to the legislation, insurance payments are paid seven days after the bank is declared bankrupt, therefore, in this case from August 1.
The licenses of DekaBank, KredoBank, Parabank and Zaminbank were cancelled in Azerbaijan, in accordance with the decision of the Financial Market Supervisory Body dated July 21, 2016.
The licenses of those banks were revoked, as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.
Temporary administrators were appointed to these banks July 22.
Azerbaijan Deposit Insurance Fund started to operate on August 13, 2007.
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