(MENAFN- AzerNews) By Sara Israfilbayova
Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 747.66million manats ($439.6million) 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
50,714
43,885
43,222
98,5
0,662
Zaminbank
77,116
75,574
72,675
72,196
99,3
0,479
Kredobank
30,191
29,159
27,91
27,778
99,9
0,122
Dekabank
5,36
3,684
3,127
3,088
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
95,8
0,086
Bank Standart
596,499
554,593
441,154
437,608
99,2
3,545
United Credit Bank
3,55
3,23
2,099
1,807
86
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
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The licenses of all 11 banks were withdrawn in 2016 due to the discrepancy of their total capital with the minimum requirements [50 million manats-$29.4 million] and default to the creditors.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.
Deposits accepted by the Fund's member banks with the annual interest rate 3 percent in the foreign currency and 15 percent in the national currency will be fully insured for 3 years, in accordance with the Law "On deposit insurance."
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