ADIF asks Azerbaijan's Central Bank for about 0.5 billion manats
Baku, Azerbaijan, Oct. 4
By Anvar Mammadov – Trend:
Azerbaijan Deposit Insurance Fund (ADIF) has appealed to the Central Bank of Azerbaijan (CBA) for a loan in the amount of 460 million Azerbaijani manats, said ADIF Executive Director Azad Javadov.
Javadov said that the loan is attracted for a period of 10 years. Interest rate on the CBA loan is 0.15 percent per year.
The loan is attracted for the payment of compensations to depositors of the closed Bank Standard OJSC.
Javadov also noted that overall amount of individuals’ deposits in the bank is 603 million manats, including the amount of insured deposits - 568 million manats. The total number of insured depositors in Bank Standard is 138,000 people.
The bank’s license was revoked on Oct. 1, 2016 according to the decision of the Board of Directors of Azerbaijan’s Financial Market Supervisory Body.
The decision on Bank Standard’s closure was made on the basis of the appeal of AzerTurkBank, a bridge bank of Bank Standard, and Bank Standard’s new management.
Bank Standard was created in 1995. The bank was one of the major private commercial banks in Azerbaijan.