Feb 21, 2014
Azerbijan Deposit Insurance Fund have announced the results of the II quarter on July 18, 2013.
During the II quarter of 2013, total amount of deposits of private individuals have been increased by 405 mln (7.8%) manat and reached the amount of 5 618 mln. manat
In the II quarter 33% (1.85 bln. manat) and 67% (3.77 bln. manat) of total amount of private individuals deposits (5.6 bln. manat) are non-protected and protected deposits respectively.
Amount of compensated deposits have been increased by 203 mln. manat reaching amount of 1 813 mln. manat which is the 46.1 % of protected deposits.
58%, 38% and 4% of protected deposits are in manats, USD dollars and EUROs respectively.
Memmbers banks provided the service to 4 979 666 depositors while 4 643 023 (93%) of them are protected depositors.
In a present time the total amount of Fund’s insurance reserve are 54.2 mln. manat and total amount of assets are 61.6 mln. manat.
The reserves of ADIF are regulated by the Investment Policy of ADIF. Part of resource of Azerbaijan Deposit Insurance Fund amounted 46.4 mln AZN are kept as bonds with the 4.4% annual profit and 5 mln AZN are trusted to “Deutsche Asset Management International”.
Starting from August 1, 2012 Azerbaijan Deposit Insurance Fund are repaying the compensation for protected deposits to the protected depositors of “Royal Bank” JOSC by Agent Banks (“AGBank” JOSC, “Mugan Bank” JOSC, and “Bank Respublika” JOSC). The total amount of protected deposits are 26 731 thousands of AZN, when only 14 718 thousansd of AZN of this amount will be compensated. Till this day, 12 262 thousands of AZN of compensated deposits have been already paid to protected depositors. This amount of paid compensation is 88 percent of total compensated deposits.
We would like to inform you that Azerbaijan Deposit Insurance Fund have stopped the process of repayment of the compensation for protected deposits to the protected depositors of “Royal Bank” JOSC by Agent Banks (“AGBank” JOSC, “Mugan Bank” JOSC, and “Bank Respublika” JOSC) July 23, 2013.
Attention!!! Beginning form August 1, 2013 the maximum annual percentage limit for protected deposits will be 10% and deposits with a higher annual percentage rate will not be protected and compensated by the Fund. This law is not applied to the deposits that were accepted by banks before August 1, 2013.
Compensated amount for each protected depositor during insurance event are max. 30 000 AZN. The highest amount of compensation among CIS (in Kazakhstan 34 thousands of USD, in Russia 22 thousands of USD) are in Azerbaijan
