No limit on Bank Standard deposit repayment from Monday

No limit on Bank Standard deposit repayment from Monday

Baku, Azerbaijan, Oct. 13

By Anvar Mammadov – Trend:

Limits on compensation payments to depositors of the bankrupt Bank Standard will be lifted on Oct. 17, said Azerbaijan’s Financial Market Supervision Chamber Oct. 13.

The chamber also said the Azerbaijan Deposit Insurance Fund (ADIF) has already paid compensations to more than 2,000 depositors.

ADIF started repayment of deposits worth up to 80,000 manats and $50,000 to the bank’s depositors on Oct. 13.

Compensation payments to Bank Standard depositors started on Oct. 11 and over 20 million manats were repaid during the first 2 days, total compensation amount being 460 million manats.

Initially, ADIF repaid the insured deposits worth up to 20,000 manats. Compensations are paid in the currency the deposits were placed in. If a deposit contains multiple currencies, the compensation is paid in manats at the exchange rate of the day when the insurance case was declared, that is, Oct. 4, 2016.

Bank Standard’s license was revoked on Oct. 1 and the bank declared its bankruptcy on Oct. 4.

Bank Standard was established in 1995. It was one of the largest private commercial banks in Azerbaijan and one of the market leaders in terms of deposit amount.

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Follow the author on Twitter: @Anvar_Mammadov

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