ADIF reveals volume of paid compensations

By Azernews

By Amina Nazarli

Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 732,438 million manats ($434 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.

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.

Licenses of all ten banks were withdrawn in 2016 due to the discrepancy of their total capital with the minimum requirement of the regulator [50 million manat] and default to the creditors.

Some 32 banks are currently implementing their activities in the country.