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Depositors of bankrupt Azerbaijani banks get over 261M manats

Business Materials 30 September 2016 11:47 (UTC +04:00)
Azerbaijan Deposit Insurance Fund (ADIF) paid compensations worth over 261.4 million manats (1,6211 AZN/USD on Sept. 30) to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank and Texnikabank.
Depositors of bankrupt Azerbaijani banks get over 261M manats

Baku, Azerbaijan, Sept. 30

By Azad Hasanli – Trend:

Azerbaijan Deposit Insurance Fund (ADIF) paid compensations worth over 261.4 million manats (1,6211 AZN/USD on Sept. 30) to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank and Texnikabank, ADIF said in a message Sept. 30.

Below is the list of closed banks and the volume of obtained compensations as of Sept. 30 morning:

Banks

Paid compensations (million manats)

Insured deposits (million manats)

Parabank

32.57

43.79

Zaminbank

49

Dekabank

2.77

5.59

Kredobank

17.18

30.21

Caucasus Development Bank

1.7

Atrabank

13.28

13.9

Bank of Azerbaijan

24.09

24.2

Ganjabank

0.93

1.5

Texnikabank

119.88

122.6

Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1, 2016 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 at branches of Muganbank and Rabitabank, and since Sept. 8 at ADIF’s office. 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 ADIF’s office.

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.

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