11:50 - 21.11.2019

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November 21 Fineko/abc.az. One of the issues of concern to our citizens in connection with the bankruptcy of banks is the application of a different approach towards deposit and credit liabilities.

ABC.AZ reports that the statement was made by Vugar Bayramov, the head of the Center for Economic & Social Development.

He noted that appeals to the Center in connection with this question over the last few months relate to the fact that unprotected deposits can be replaced by credit obligations.

Bayramov gave an example in connection with this matter: "For example, a resident of Bilasuvar district Azad Mahmudov had a deposit of $10,522 in one of the bankrupt banks and a credit obligation of AZN 13,800. Both liabilities were in the same bank. When receiving a loan, the loan is given with taking into account the deposit amount. The bank became bankrupt and the deposit is not returned because it is not protected, but on the contrary, continues to accrue interests on the loan. That is, a citizen cannot get his deposit, but he is required to repay the loan. It is noteworthy that the management of the bank, more precisely, the bankrupt bank is not responsible for the return of the deposit of the citizen, even if it is calm and in most cases spends it non-transparently. But even if a citizen takes a loan to pay for his important expenses, he cannot replace it with his deposit. This means that the bankrupt bank’s management is not responsible for expenditures of his finances, but the citizen is not exempt from the loan liability. And this is directly related to the gap in the legislation."