ADIF launches repayment of uninsured deposits
By Nigar Abbasova
Azerbaijan Deposit Insurance Fund (ADIF) has launched repayment of uninsured deposits to the customers of the two closed Azerbaijani banks – Dekabank and Parabank.
The Fund reported that depositors of the banks will be able to preliminarily get some 10,000 manats ($ 5,737) on each deposit, while the repayment of larger deposits will be launched in the short run.
The repayment of deposits to the customers of Dekabank will be implemented by the customer service department of the bank in its head office.
Depositors of Parabank will be able to get repayment in the head office and all branches of the bank, including those located in the regions of the country.
The volume of uninsured deposits amounts to some 43 million manats ($ 24.67) and 2.3 million manats (1.31) in Parabank and Dekabank, respectively.
Licenses of both banks were revoked in July 2016, as their assets were not classified in line with the law, and they didn’t create adequate reserves while their aggregate capital did not meet the minimum requirements of the regulator. The banks have also been excluded from the list of participants of the ADIF.
Acceptance of applications from insured depositors of DekaBank, Parabank began on August 1, 2016 and the payment of compensations has been carried out since that day.
Some 32 banks are currently implementing their activities in the country.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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