Baku, Azerbaijan, Sept. 23
By Anvar Mammadov – Trend:
The Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 258.06 million Azerbaijani manats (AZN) to depositors of DekaBank, KredoBank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Gandjabank and Texnikabank, ADIF said in a message Sept. 23.
The official exchange rate on Sept. 23 is 1.6292 AZN/USD.
Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1 and the payment of compensations has been carried out since that day.
Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23. Payments are being carried out at the branches of those closed banks.
AtraBank’s clients can obtain compensations at those branches, where they concluded agreements to accept deposits. Those people, who concluded agreements at the Khazar branch, should apply to the bank’s main office.
Depositors of Caucasus Development Bank receive compensations at the bank’s main office.
Payment of compensations to insured depositors of Bank of Azerbaijan has been carried out since Jan. 29, 2016: these payments are being carried out at branches of Muganbank and Rabitabank. Clients of Ganjabank receive compensations since Feb. 4 at the branches of Rabitabank, Unibank and Kapital Bank.
ADIF started payment of compensations to insured depositors of Texnikabank since Feb. 12: clients receive compensations at the branches of Muganbank, Rabitabank, Unibank and Kapital Bank.
Depositors of Parabank received 32.42 million manats out of the total compensations of 43.79 million manats, and depositors of Zaminbank received 46.91 million manats. The compensations paid to DekaBank’s depositors amounted to 2.76 million manats out of the payments’ total volume of 5.59 million manats.
KredoBank’s depositors received compensations worth 16.87 million manats out of the compensations’ total volume of 30.21 million manats.
The compensations paid to depositors of Caucasus Development Bank amounted to 1.63 million manats. Depositors of AtraBank received 12.6 million manats out of the total compensations of 13.9 million manats.
Depositors of Bank of Azerbaijan received compensations worth 24.09 million manats out of the compensations’ total volume of 24.2 million manats.
The compensations paid to depositors of Gandjabank and Texnikabank amounted to 0.93 million manats and 119.87 million manats out of the total compensations of 1.5 million manats and 122.6 million manats, respectively.
The licenses of all the nine banks were cancelled during 2016 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.