Azernews.Az

By Laman Ismayilova

Azerbaijan Deposit Insurance Fund (ADIF) reported that it paid compensations worth more than 713.86 million manats to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Bank Standard.

Below is the list of closed banks and the volume of paid compensations as of December 7:

Acceptance of applications from insured depositors of Dekabank, Kredobank, Zaminbank and Parabank began Aug. 1, 2016 and the payment of compensations has been carried out since that day.

Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23. Payment of compensations to insured depositors of Bank of Azerbaijan has been carried out since Jan. 29, 2016 at branches of Muganbank and Rabitabank, and since Sept. 8 at ADIF’s office.

Clients of Ganjabank receive compensations since Feb. 4.

Payment of compensations to insured depositors of Bank Standard started Oct. 11, 2016 at the bank’s main office and its branches in the regions of Azerbaijan and will continue for one year.

Depositors of Texnikabank can receive compensations since Feb. 12 at ADIF’s office.

The licenses of all the ten banks were cancelled during 2016 as the aggregate capital of these banks didn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.

Some 32 banks are currently implementing their activities in the country.

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