TODAY.AZ / Business

ADIF pays about 741M manats to depositors

11 July 2017 [13:16] - TODAY.AZ

By Azernews


By Sara Israfilbayova

Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 741.15 million manats ($435.4 million) to depositors of Parabank, Zaminbank, Dekabank, Kredobank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank, Texnikabank, United Credit Bank and Bank Standard.

 

Banks

Volume of paid comp.(million manats)

Volume of insured deposits(million manats)

Volume of compensated deposits(million manats)

Volume of paid comp.(million manats)

Volume of paid comp. out of the total volume (pct)

Volume of unpaid comp.(million manats)

Parabank

87,601

50,713

43,884

43,222

98,5

0,662

Zaminbank

77,116

75,574

72,675

65,732

90,4

6,942

Kredobank

30,191

29,159

27,91

27,771

99,5

0,138

Dekabank

5,36

3,684

3,127

3,087

98,7

0,039

Atrabank

31,024

26,995

14,614

14,35

98,2

0,263

Caucasus Development Bank

11,996

6,617

2,09

2,004

 

95,9

0,086

Bank Standart

596,499

554,593

441,154

437,542

99,2

3,611

United Credit Bank

3,55

3,23

2,099

1,807

86,1

0,292

Bank of Azerbaijan

124,732

122,366

24,937

24,191

97

0,746

Ganjabank

3,177

1,553

1,039

0,976

93,9

0,063

Texnikabank

163,154

161,796

122,642

120,458

98,2

2,183

The applications are accepted, according to the current legislation, within a year from the date of the announcement of their admission.The deadline for accepting applications for compensation to depositors of the  liquidated Dekabank, Kredobank, Parabank and Zaminbank expires on August 1, 2017, ADIF reported on July 10.

"Thus, the last day for applications is August 1, 2017. Depositors of banks that have not submitted the application before the date will not be able to receive their funds, according to the law, within 5 years from the day when applications are received. In such cases, the Fund has the right to extend the deadline for applications on the basis of a client's request,” ADIF stated.

Receiving applications for compensation from insured depositors of Bank of Azerbaijan has been suspended since January 27, Gandjabank - since February 4 and Texnikabank - since February 12.

The licenses of all 11 banks were withdrawn in 2016 due to the discrepancy of their total capital with the minimum requirements [50 million manats-$29.4 million] and default to the creditors.

Currently, 31 banks are implementing their activities in Azerbaijan.

ADIF was founded on August 12, 2007 after the Law on Deposit Insurance was adopted by the Parliament [Milli Majlis] of Azerbaijan.

The purpose of establishing the Deposit Insurance Scheme is to prevent the risk of losing money deposited by individuals and to ensure the sustainability and development of the financial and banking system whenever banks and local branch offices of foreign banks become insolvent.

URL: http://www.today.az/news/business/163061.html

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