Depositors of bankrupt banks continue to receive compensations
By Fatma Babayeva
Azerbaijan Deposit Insurance Fund (ADIF) has paid compensation worth over 23.89 million ($15.66 million) manats to clients of the bankrupt Bank of Azerbaijan, the Fund reported.
The volume of paid compensation amounted to 96.3 percent of the bank's insured deposits.
The applications have been received from the insured depositors of Bank of Azerbaijan since January 29, 2016, and the payment of compensations has been started since then.
The size of the insured deposits in Bank of Azerbaijan amounts to 24.2 million manats ($15.87 million).
The payments have been made in the designated agent banks- branches of Muganbank and Rabitabank.
Meanwhile, customers of Ganja Bank has been paid 83.3 percent or over 866,000 manats ($568,000) compensation since February 4.
In general, the size of insured deposits in Ganja Bank stands over one million manats ($656,000)
The payments to the depositors of Ganja Bank have been made in branches of Rabitabank, Unibank and Kapital Bank.
ADIF also started paying compensations to the depositors of Texnikabank since February12. Since that date, the bank's customers were paid more than 110.81 million manats ($73 million), or about 90.4 percent of the total compensation. The payments to depositors were made in branches of Texnikabank and Muganbank, Rabitabank, Unibank and Kapital Bank.
ADIF pays up to 30 000 manats ($19 000) for each insured deposits. Overall, the Fund paid more than 135 million manats ($88.5 million) till now.
ADIF was established in August 12, 2007 after the Law on Deposit Insurance was adopted. Its mission is to prevent depositors from losing money and ensure sustainability in the financial and banking system whenever banks or local branches of foreign banks become insolvent.
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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva
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