Deposit Insurance Fund: We have enough money to compensate liquidated Demirbank’s deposits


December 25, Fineko/abc.az. The Azerbaijan Deposit Insurance Fund (ADIF) has stated about its sufficient finances for compensation of payment of the deposits of Demirbank, closed recently in accord with the relevant order of the Financial Markets Supervision Chamber (Azeri acronym: FIMSA).

ADIF reports that the Bank's license was annulled by Decision #49 of the FIMSA Board of Directors from 23 December 2017.

"All the insured deposits of legal entities and individuals will be repaid in compliance with the regulations envisaged in the Law on Deposit Insurance of Azerbaijan," the Fund said.

All the depositors will be provided with additional information about the time and place of acceptance of applications for compensation on insured deposits.

Under the Law on Full Deposit Insurance, maximum annual interest rate applied towards insured deposits is set at the rate of 15% in local currency, 3% in foreign currency. Insurance of ADIF member banks’ deposits lasts for three years.