ADIF paying compensations for closed banks
By Amina Nazarli
Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 727.1 million manats ($437 million) to depositors of Parabank, Zaminbank, Dekabank, Kredobank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank, Texnikabank and Bank Standard, which were closed in 2016.
|
Banks |
Volume of paid compensations (million manats) |
Volume of paid compensation out of the total volume (pct) |
|
Bank Standard |
436,613 |
99 |
|
Zaminbank |
54,566 |
75 |
|
Dekabank |
3,087 |
98,7 |
|
Kredobank |
27,771 |
99,9 |
|
Caucasus Development Bank |
1,974 |
94,4 |
|
Atrabank |
14,28 |
98,1 |
|
Bank of Azerbaijan |
24,161 |
97 |
|
Gandjabank |
0,976 |
94 |
|
Texnikabank |
120,433 |
98,2 |
|
Parabank |
43,199 |
98,5 |
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.
--
Amina Nazarli is AzerNews’ staff journalist, follow her on
Twitter: @amina_nazarli
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