AZERBAIJAN: Azerbaijan Deposit Insurance Fund to pay 17.3 million manat to RoyalBank depositors

13 August 2012 —
The Azerbaijan Deposit Insurance Fund (ADİF) will pay 17.3 million manat in compensation to depositors of bankrupt RoyalBank, executive director of the Fund Azad Javadov told reporters on Tuesday.

"ADIF will start to pay compensation from August 1, and will complete payments within two weeks," Javadov said.

"The total number of depositors is 6572, but compensation for 150 of them will be paid after analysing the documents due to inaccurate documentation," Javadov said.

The maximum payment given is 30,000 manat ($38,000), he added.

Javadov also noted that the bank had about 48,000 depositors, but it was revealed after examination that about 20,000 depositors have about one manat in their accounts.

"There are a large number of deposits up to 50 manat and above and it was decided to pursue payment through the card system," Javadov said.

ADIF will issue payments in manat, dollars and euros. Thus, if the deposit was in dollars or euros, it will be paid in dollars or euros, respectively and if in the two currencies - in manat, with the exchange rate as at the date of the RoyalBank bankruptcy, on July 16 this year.

Read the full story on  www.trend.az

AZERBAIJAN: Azerbaijan Deposit Insurance Fund to pay 17.3 million manat to RoyalBank depositors
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