Azerbaijan Deposit Insurance Fund (ADIF) paid compensations worth over 226.04 million manats to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank and Texnikabank, ADIF said in a message Aug. 31.
Below is the list of closed banks and the volume of obtained compensations as of Aug. 31 morning:
|Banks||Volume of paid compensations (with million manats)||Volume of insured deposits (with million manats)|
|Caucasus Development Bank||1.23||1.5|
|Bank of Azerbaijan||24.06||24.2|
Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1 and the payment of compensations has been carried out since that day. Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23. Payments are being carried out at the branches of those closed banks.
AtraBank’s clients can obtain compensations at those branches, where they concluded agreements to accept deposits. Those people, who concluded agreements at the Khazar branch, should apply to the bank’s main office. Depositors of Caucasus Development Bank receive compensations at the bank’s main office. Payment of compensations to insured depositors of Bank of Azerbaijan has been carried out since Jan. 29, 2016 at branches of Muganbank and Rabitabank. Clients of Ganjabank receive compensations since Feb. 4 at the branches of Rabitabank, Unibank and Kapital Bank.
ADIF started payment of compensations to insured depositors of Texnikabank since Feb. 12: clients receive compensations at the branches of Muganbank, Rabitabank, Unibank and Kapital Bank. The licenses of all the nine banks were cancelled during 2016 as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.