Oct 31, 2012

As informed earlier Azerbaijan Deposit Insurance Fund began the process of payment of compensatory pay-offs to the protected depositors of “Royal Bank” JOSC by the elected Agent Banks, since August 1, 2012. The elected Agent Banks have already paid compensation to 762 depositors. “AGBank” JOSC, “MuganBank” JOSC and “Bank Respublika” JOSC have already served 226, 356, and 180 depositors respectively.

In general, total of 8,781,999 AZN compensation have been paid to depositors. 6,713,187 of this payments were paid in AZN, 2,016,277 were paid in USD (equivalent to AZN), and 52,535 were paid in EURO (equivalent to AZN). It should be noted that the exchange rate of USD and EURO is to date when insurance event had taken place ( July 16, 2012)  which is 0.7855 q. for USD and 0.9616 q. for EURO.

54 percent of protected depositors have already got their compensation.

It should be noted that if all documents, needed for payment of compensatory pay-offs, had been admitted in a correct form, the depositors were compensated promptly; otherwise, problematic documents had been collected and sent to the responsible organizations for investigation.

Admission deadline for application forms for payment of compensatory pay-offs to the protected depositors, is July 20, 2013.