Ministry of Finance stands surety for Azerbaijan Deposit Insurance Fund

Baku. 30 July. REPORT.AZ/ Ministry of Finance hosted an extraordinary board meeting. The meeting presided by the Finance Minister, Chairman of the Board Samir Sharifov, has considered the appeal of the Central Bank of Azerbaijan (CBA) on allocation of a loan in sum of 100 million AZN by the bank to the Azerbaijan Deposit Insurance Fund (ADIF) and state surety for charged interests.

Report informs referring to the ministry, the board has adopted a decision on granting a state guarantee for the loan allocated by the CBA to the ADIF, in order to protect the rights of depositors, strengthen their confidence in the banking system, as well as taking into account the importance of ensuring the stability in the banking system.

It was noted that allocation of the loan by the CBA to the ADIF provided for correction of deficiency of liquid funds for payment of compensation to the insured depositors of four banks - "Dekabank", "Kredobank", "Parabank" and "Zaminbank" OJSCs, which have been recently revoked.