Dec 13, 2011

27 September, 2011 Deposit Insurance Fund with the participation of representatives of KfW and GBDS held a press conference topic of which was “Improvements of Azerbaijan Deposit Insurance Fund in last three years – a project financed by Germany through Kfw Bank”

Representatives of Kfw bank (Eastern Europe, Caucasus, Central Asia) Michael Mörschel (Dept. director), Kurt Strasser (Project manager), Gerald Hübner (Project manager), Natig Abdullayev (Baku branch representative), Leyla Mamedova (Baku branch coordinator), representative of GBDS Björn Christian Stein (Expert), representative of Central Bank Aliyar Mamedyarov, executive director of Deposit Insurance Fund Azad Javadov and deputy executive director Ramil Tahirov participated at the press conference.

In his speech Mr. Hübner highlighted the positive impact of support of KfW Bank representing Germany on development of financial sector by Deposit Insurance Fund created in 2007, also on raising trust of people in banks.

Executive director of Deposit Insurance Fund Azad Javadov informed the press about the work done during the meetings with KfW and GBDS in last three years.

He mentioned that suggestions of amendments and changes to the legislation had been prepared and if they are approved, in future, also individual businessmen’s deposits will be insured. He also noted that application of system of collecting differential fees from banks, shortening the 90 days period set in the legislation for paying compensations to depositors if an insurance case takes place were mentioned in amendments.