Baku, Azerbaijan, July 29
By Maksim Tsurkov – Trend:
The closed Azerbaijani banks (Parabank, Zaminbank, Kredobank and Dekabank) will be able to return uninsured deposits to population themselves, Azad Javadov, executive director of Azerbaijan Deposit Insurance Fund (ADIF), told reporters July 29 in Baku.
“Currently, the volume of uninsured deposits at these four closed banks amounts to about 40 million manats,” said Javadov. “According to preliminary estimates, these banks’ funds are enough to start returning uninsured deposits upon the completion of payments for insured deposits.”
He also added that these payments will be carried out once in a month.
“We will receive funds daily, but we want to return uninsured deposits in accordance with funds’ accumulation,” added Javadov.
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.
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