ADIF paying compensations for closed banks
By Nigar Abbasova
Azerbaijan Deposit Fund (ADIF) has so far paid compensations worth over 623.74 million manats ($ 382.87) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Standard Bank.
|
Banks |
Volume of paid compensations (million manats/ million USD) |
Volume of the insured deposits (million manats/ million USD) |
|
Bank Standard |
348.05 ($ 213.64 ) |
460($287.5 ) |
|
Zaminbank |
51.03($ 31.47 ) |
60($ 37.5) |
|
Dekabank |
2.86($1.80 ) |
5.59($3.49 ) |
|
Kredobank |
26.14($ 16.04 ) |
30.21($ 18.88) |
|
Caucasus Development Bank |
1.88($ 1.17) |
2($1.25 ) |
|
Atrabank |
14.14($ 8.67) |
14.55($ 9.09 ) |
|
Bank of Azerbaijan |
24.09($ 15.05) |
24.2($15.12 ) |
|
Gandjabank |
0.97($ 0.60) |
1($0.62) |
|
Texnikabank |
119.98($ 74.98 ) |
122.6($ 76.62 ) |
|
Parabank |
34.58($ 21.22 ) |
43.79($27.36 ) |
Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began on August 1, 2016 and the payment of compensations has been carried out since that day.
Compensations to the depositors of Caucasus Development Bank and AtraBank are being paid starting from August 23.Payments are being carried out at the branches the banks.
Depositors of Caucasus Development Bank receive compensations at
the bank’s main office. Payment of compensations
to insured
depositors of Bank of Azerbaijan has been carried out since January
29, 2016 at branches of Muganbank and Rabitabank, and since
September 8 at ADIF’s office.
Clients of Ganjabank receive compensations since February 4 at the branches of Rabitabank, Unibank and Kapital Bank.
ADIF launched payment of compensations to depositors of Texnikabank on February 12.
Payment of compensations to the insured depositors of Bank Standard started October 11, 2016 at the bank’s main office and its branches in the regions of Azerbaijan and will continue for one year.
The licenses of all the banks were revoked in 2016, as their assets were not classified in line with the law, and they didn’t create adequate reserves and their aggregate capital did not meet the minimum requirements.
Some 32 banks are currently implementing their activities in the country.
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