Fund to Ensure Deposits to be Set Up in Azerbaijan: Chairman of National Bank
Azerbaijan, Baku / Trend / Elman Rustamov , the Chairman of the Managing Board of the National bank of Azerbaijan, stated to a news conference in Baku on the 8th of June that within thirty to fifty days the Fund for Insurance of Deposits will set up its activities in Azerbaijan.
The Trustee Council has been formed and is led by Chingiz Asadullayev , the chairman of the managing board of Azerigaz Bank at the initiative of the NBA.
"This [ Azerigaz Bank] is the only private bank which is represented at the Council and therefore, we consider this version more efficient and the Council supports our proposal," Rustamov emphasized.
To present date, the NBA carries out the estimation of banks, the deposits of which are insured by the Fund. Some twenty banks have undergone preliminary appraisal, however it is not a final decision.
"The estimation for the second group of banks is to be completed by the 1st of July, on the analysis of the state of implementation for the minimum requirement put on their aggregate capital," he added.
As of the 1st of July 2007 the minimum aggregate capital for each bank should be no less than AZN 10mln.
According to Rustamov , now they carry out the registration of the Fund at the Justice Ministry, selection of specialists, application of IT technology, while a program on organization activities for the Fund have been designed and submitted to the Trustee Council for consideration.