Jul 29, 2016

 25.07.2016.

The Financial Market Supervisory Body of the Azerbaijan Republic revoked the licenses of the OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank” at Resolution # 16 dated July 21, 2016.  

Citing to the letter # 01/10-1549, dated July 25, submitted to the Azerbaijan Deposit Insurance Fund by the Financial Market Supervisory Body of the Azerbaijan Republic the insurance events occurred in OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank”. Hereby in accordance to the Article # 2.1.9 of the Law “on deposit insurance” July 25, 2016 is the day of occurrence of the insurance event in these banks.  With regard to the Article 28.1 of the Law “on deposit insurance” the Fund will pay compensatory pay offs to the insured depositors of the OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank” starting from August 1, 2016.

According the third article of the Law “on deposit insurance”, all insured deposits in ADIF member banks with the interest rate provided by the ADIF Board of Custodians (Starting March 2, 2016 the upper limit of annual interest rate on insured deposits in foreign currency made 3%, on insured deposits in the national currency – 12%) will be fully insured for three years regardless of amount.