ADIF reveals compensation paid to Azerbaijani bank’s depositors
By Trend
Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth more than 38 million manats to the depositors of DemirBank OJSC, the license of which was revoked in December 2017, the ADIF said in a message Feb. 17.
The compensatory deposits in DemirBank total 63.5 million manats, while the non-compensatory deposits amount to 28.3 million manats.
DemirBank’s license was revoked Dec. 23, 2017. The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said the license was revoked due to a discrepancy between the total capital of the bank and the minimum capital requirement set for banks, adding that the adequacy ratio of the aggregate capital was lower than 3 percent stipulated by the legislation. The bank also lacked the capacity to fulfill its obligations to creditors.
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