Azerbaijan Banks Association talks compensations for clients of closed banks

15 May 2020 10:00 (UTC+04:00)

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Protecting citizens in all areas is a priority for the government, Chairman of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during a program on Azerbaijan's state national television channel, Trend reports.

The special attention paid by the government to the protection of citizens in all areas makes it possible to guarantee full compensation for protected deposits.

“The share of insured deposits from the deposit portfolio of liquidated banks is 99 percent and compensation will be made in full at the expense of the Azerbaijan Deposit Insurance Fund (ADIF). At the same time, even the remaining percentage of uninsured deposits, as well as deposits of legal entities and account balances will be compensated by the assets sold,” he noted.

ABA chairman also noted that the return of uninsured deposits is a laborious process, however, the safety of all savings and their full compensation are guaranteed.

Commenting on the terms, Nuriyev noted that the process of issuing compensation to depositors of liquidated banks will begin no later than the end of May 2020.

On April 27, by the decision of the board of the Central Bank of Azerbaijan (CBA), temporary administrators were appointed at AtaBank OJSC, AGBank OJSC, NBC Bank OJSC and Amrah Bank OJSC, and then, on April 28 and May 12, the licenses of all four banks were canceled and the bankruptcy process was launched.

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