ADIF pays over 700M to depositors of closed banks
By Laman Ismayilova
Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 711.56 million manats ($409 million) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Bank Standard.
|
Banks |
Volume of paid compensations (million manats/ million USD) |
The share of compensation paid to the total amount of insured deposits (%) |
|
Bank Standard |
424,79 |
96% |
|
Zaminbank |
52,33 |
72% |
|
Dekabank |
3,02 |
96% |
|
Kredobank |
27,19 |
97% |
|
Кавказский банк развития |
1,93 |
92% |
|
Atrabank |
14,22 |
97% |
|
Bank of Azerbaijan |
24,15 |
97% |
|
Gandjabank |
0,98 |
94% |
|
Texnikabank |
120,08 |
98% |
|
Parabank |
42,87 |
98% |
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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