ADIF paying compensations to depositors of closed banks
By Nigar Abbasova
Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth more than 212 million manats ($ 130.5 million) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank and Texnikabank.
|
Banks |
Volume of paid compensations (million manats/ million USD) |
Volume of insured deposits (million manats/ million USD) |
|
Parabank |
20,3 ( $12.49) |
43,79 ($ 26.95) |
|
Zaminbank |
34,1 ($ 20.9) |
36,35 ( $22.37) |
|
Dekabank |
2,4 ($ 1.4) |
5,59 ($ 3.44) |
|
Kredobank |
9,9 ($ 6.09) |
30,21 ($18.59) |
|
Caucasus Development Bank |
0,63 ($ 0.38) |
1,5($ 0.9) |
|
Atrabank |
1,2 ($ 0.7) |
13,9 ($ 8.5) |
|
Bank of Azerbaijan |
24,05 ($ 14.80) |
24,2 ($ 14.8) |
|
Gandjabank |
0,9 ($ 0.5) |
1,5( $0.9) |
|
Texnikabank |
119,5 ($ 73.5) |
122,6 ($ 75.4) |
The Fund launched payment of compensations to the depositors of Dekabank, Kredobank, Zaminbank and Parabank on August 1, 2016.
The licenses of DekaBank, KredoBank, Parabank and Zaminbank were cancelled in accordance with the decision of the Financial Market Supervisory Body, dated July 21, 2016. The reason of a halt is the failure of banks to comply with statutory minimum capital requirements as well as manage their activities in a safe and prudent manner.
Payment of compensations to the depositors of Texnikabank started on February 12. Insurance payouts are made in branches of Muganbank, Rabitabank, Unibank and Kapital Bank
Depositors of Caucasus Development Bank and Atrabank are able to appeal for the payment of compensations starting August 23.
The insurance covers all deposits in member-banks of the fund at an interest rate not exceeding three (for deposits in foreign currency) and 12 percent (for deposits in national currency), respectively, regardless the amount of the deposit.
ADIF operates since August 13, 2007.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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