Azerbaijan's fund reveals amount of compensations paid to depositors of liquidated banks
Baku, Azerbaijan, Aug.8
By Eldar Janashvili - Trend:
The Azerbaijan Deposit Insurance Fund (ADIF) paid out compensations worth 402.3 million manat ($236.6 million) to 17,900 depositors of the liquidated Atabank OJSC, Amrahbank OJSC, AG Bank OJSC and NBC Bank OJSC via the Kapital Bank OJSC and International Bank of Azerbaijan OJSC as of August 6, 2020, Trend reports referring to the fund.
According to ADIF, 7,600 depositors of Atabank were paid 170.8 million manat ($100.4 million), and 5,100 depositors of Amrahbank - 121.7 million manat ($71.5 million). The compensation payments have begun from June 1, 2020, which are made in non-cash form through debit cards of Kapital Bank and the Khazri fast money transfer system in 35 branches of the bank.
Compensation of 2,300 depositors of AG Bank amounted to 29.8 million manat ($17.5 million), and 2,900 depositors of NBC Bank - to 80 million manat ($47 million). Compensation payments for these banks have started from June 16, 2020, which are paid in non-cash form through debit cards of the International Bank of Azerbaijan in its 20 branches.
According to Article 28.3 of the Law of Azerbaijan "On Deposit Insurance", ADIF will accept applications from depositors within a year from the day of the first publication of the notice of compensation payment.
Moreover, in accordance with the decision of Azerbaijan’s Constitutional Court, the issue of payment of deposits accepted in Atabank OJSC, AG Bank OJSC and NBC Bank OJSC will be addressed.
(1 USD = 1.7 manat on Aug.8)