ADIF pays some 735M manats to depositors
By Sara Israfilbayova
Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 734.25 million manats ($434.3 million) to depositors of Parabank, Zaminbank, Dekabank, Kredobank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank, Texnikabank, United Credit Bank and Bank Standard.
|
Banks |
Volume of paid compensations (million manats) |
Volume of paid compensation out of the total volume (pct) |
|
Bank Standard |
437,433 |
99,2 |
|
Zaminbank |
58,971 |
85 |
|
Dekabank |
3,087 |
98,7 |
|
Kredobank |
27,771 |
99,9 |
|
Caucasus Development Bank |
2,004 |
96 |
|
Atrabank |
14,35 |
98,2 |
|
Bank of Azerbaijan |
24,191 |
97 |
|
Gandjabank |
0,976 |
94 |
|
Texnikabank |
120,458 |
98,2 |
|
Parabank |
43,222 |
98,5 |
United Credit 1,778 83,7
Bank
The licenses of all 11 banks were withdrawn in 2016 due to the discrepancy of their total capital with the minimum requirements [50 million manats-$29.4 million] and default to the creditors.
Currently, 31 banks are implementing their activities in Azerbaijan.
ADIF was founded on August 12, 2007 after the Law on Deposit Insurance was adopted by the Parliament [Milli Majlis] of Azerbaijan.
The purpose of establishing the Deposit Insurance Scheme is to prevent the risk of losing money deposited by individuals and to ensure the sustainability and development of the financial and banking system whenever banks and local branch offices of foreign banks become insolvent.
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