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Azerbaijan Deposit Insurance Fund

What is insured deposit?

It is such a part of deposit that will be compensated by the Fund in the amount defined by Law "on deposit insurance" in case of insurance incident in the participant bank where a depositor is serviced

What is the amount of compensation paid to a depositor?

Starting March 2, 2016 deposits accepted by the Fund’s member banks with the annual interest rate 3 % in the foreign currency and 15 % in the national currency will be fully insured for 3 ( three) years.

Currencies in which compensation is paid in an insurance incident

In manats for the deposits in national currency
In USD or EUR according to the currency of the deposit for the deposits in USD and EUR deposits
For deposits denominated in other foreign currencies compensation shall be paid in USD or EUR based on the official exchange rates defined by the Central Bank.


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An insurance event happened in OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank”

 25.07.2016.

The Financial Market Supervisory Body of the Azerbaijan Republic revoked the licenses of the OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank” at Resolution # 16 dated July 21, 2016.  

Citing to the letter # 01/10-1549, dated July 25, submitted to the Azerbaijan Deposit Insurance Fund by the Financial Market Supervisory Body of the Azerbaijan Republic the insurance events occurred in OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank”. Hereby in accordance to the Article # 2.1.9 of the Law “on deposit insurance” July 25, 2016 is the day of occurrence of the insurance event in these banks.  With regard to the Article 28.1 of the Law “on deposit insurance” the Fund will pay compensatory pay offs to the insured depositors of the OJSC “Dekabank”, OJSC “Kredobank”, OJSC “Parabank” and OJSC “Zaminbank” starting from August 1, 2016.

According the third article of the Law “on deposit insurance”, all insured deposits in ADIF member banks with the interest rate provided by the ADIF Board of Custodians (Starting March 2, 2016 the upper limit of annual interest rate on insured deposits in foreign currency made 3%, on insured deposits in the national currency – 12%) will be fully insured for three years regardless of amount.

       

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