Baku, Azerbaijan, Oct. 4
By Anvar Mammadov – Trend:
Reimbursement of the uninsured deposits in three liquidated banks – Parabank, Dekabank and Caucasus Development Bank – will start soon, said Azerbaijan’s Financial Market Supervisory Body in a message Oct. 4.
The Supervisory Body said the payment of compensations to the insured depositors of the three banks will be completed soon.
“As of Sept. 30, the Azerbaijan Deposit Insurance Fund (ADIF) paid about 32.68 million manats to the insured depositors of Parabank, more than 2.77 million manats to depositors of Dekabank and about 1.71 million manats to depositors of Caucasus Development Bank,” said the message. “In total, on the three banks, the ADIF has paid compensations worth more than 37.15 million manats.”
The total volume of the insured deposits in Parabank is 43.79 million manats, in Dekabank – 5.59 million manats and in Caucasus Development Bank – about 2 million manats.
Acceptance of applications from the insured depositors of DekaBank and Parabank began Aug. 1, 2016 and the payment of compensations has been carried out since that day.
The compensations are being paid at the branches of the closed banks.
The licenses of all the three banks were revoked in 2016 as their capitals didn’t meet the minimum requirement of 50 million manats.