TODAY.AZ / Business

Date set for first auction to sell property of liquidated banks

10 July 2017 [13:22] - TODAY.AZ

By Azernews

By Amina Nazarli

The first auction to sell property of the liquidated banks will be held on July 10 in Baku, the Azerbaijani Deposit Insurance Fund told Trend.

The first auction will put on sale two buildings and two armored cash collectors of Atrabank, as well as furniture and various equipment of Royalbank.

The Central Bank of Azerbaijan (CBA) revoked licenses of 11 banks in 2016 due to their failure to meet the minimum aggregate capital requirement, which stands at 50 million manats ($31.8 million) as well as default of obligations to creditors.

The total volume of assets of the closed banks exceeds several billion manats, and liabilities - 2.9 billion manats (over $1.7 billion).

Some 31 banks are currently implementing their activities in the country.   

ADIF has been operating since August 13, 2007. The uppermost limit of the interest rate for individuals’ insured deposits in foreign currency is 3 percent. The maximum interest rate for individuals’ manat deposits covered by insurance is 15 percent.

In accordance with the law “On Full Deposit Insurance”, within three years the deposits of the population, the annual interest rate for which does not exceed the maximum level established by the ADIF Board of Trustees, will be insured, regardless of the amount of the deposit.


Print version

Views: 1196

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: