Central Bank: Protected deposits of closed banks amount to $400m
By Akbar Mammadov
Chairman of Azerbaijan’s Central Bank Elman Rustamov said that protected deposits in the country's four recently closed banks - “Ata Bank”, “Amrahbank”, “AG Bank” and “NBC Bank” - amount to $400,8 million (680 million Azerbaijani manats).
Speaking in a press conference held on June 1, Rustamov noted that of the $402,6 million (AZN683 million) deposits, 400,8 million dollars (AZN680 million) are protected deposits.
The Chairman also added that of this amount, $118 million (AZN200 million) will be provided by the Deposit Insurance Fund, and $283 million (AZN480 million) will be provided by the Central Bank in the form of state-guaranteed loans.
“An appeal has been made to the Ministry of Finance in this regard and the issue will be resolved soon," said Rustamov.
It should be noted that on April 28, with the decision of the Board of the Central Bank of Azerbaijan (CBA), the licenses of Azerbaijan’s “Ata Bank” OJSC and “Amrahbank” OJSC were cancelled, “AG Bank” OJSC and “NBC Bank” OJSC were appointed temporary administrators, and all the powers to manage these banks, including the general meeting of the bank's shareholders, have been transferred to the temporary administrator.
As a result of the assessments, Azerbaijan's Central Bank (CBAR) has liquidated the license of “AG Bank” OSJC and “NBC Bank” OSJC, the CBAR announced on May 12 and “Ata Bank” OSJC and “Amrahbank” OSJC on 28 April.
Thus, the total number of banks in Azerbaijan having a license decreased to 26.
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Akbar Mammadov is AzerNews’ staff journalist, follow him on Twitter: @AkbarMammadov97
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