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Good news - Money left in bankrupt banks will return to their owners

24.09.2019,11:53


September 24, Fineko/abc.az. Starting next month, citizens with uninsured deposits in the amount of not more than $10,000 or AZN 17,000 in banks declared bankrupt will be able to return their money. This means that if there is an unprotected citizen deposit in the bankrupt bank and its amount does not exceed $10,000, then these funds will be returned. So, the Deposit Insurance Fund addressed the Baku Court of Appeal with a request to allow payment, ABC.AZ reports citing the head of the Center for Economic and Social Development (CECD), expert economist Vugar Bayramov.

“In line with the legislation, in terms of payment, holders of unprotected deposits in the 7th row are allowed to move to the 1st row,” the head of the Center said.
According to him, so far the protected deposits were paid: “According to preliminary estimates, unprotected deposits will be returned to 52,000 depositors. Banks that went bankrupt returned protected deposits, and uninsured deposits were not paid. Although the bank used these funds and received income but citizens could not get their money back. Under the new agreement, unprotected deposits in banks declared bankrupt for a total amount of not more than $10,000 will be returned by the Deposit Insurance Fund. This means that if you have an unprotected deposit of less than $10,000 in banks declared bankrupt, then you will have the opportunity to receive it next month. Note that the CECD offers the return of unprotected differential deposits of $ 10,000 or AZN 17,000.