Azerbaijan, Baku /corr. Trend I.Khalilova / The Fund for Insurance of Deposits of Physical Entities is expected to begin its activities at the beginning of August the Chairman of the Trustee Council of the Fund, Chingiz Asadullayev, reported.
The first meeting of the Council elected Azad Javadov as the Executive Director of the Fund. Previously Javadov managed Ata Bank and later worked in Ata Holding.
Currently the National Bank of Azerbaijan selects the banks which will join the Fund. A list from 19 banks has already been devised (amongst the existing 44 banks), which have been elected as members to the Fund.
"I believe that those banks chosen do not present any concerns for the National Bank. They have capital in amount of more than AZN 10 mln." Asadullayev said. The Fund will be formed from the initial membership fees, which amounts to AZN 10,000 for each member. In addition, transfers will be made to the Fund in accordance with the Law on Insurance of Deposits.