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    ADIF: At this rate, fund's means will end nearly in 10 days

    123 million manats compensation will be paid to 'Texnika Bank' depositors

    Baku. 24 February. REPORT.AZ/ We have 70 million manats of funds on our account and we will lend money from the Central Bank of Azerbaijan Republic when our funds will come to an end.

    Report was told by Executive Director of the Deposit Insurance Fund (ADIF) Azad Javadov.

    A. Javadov said nearly 7 million AZN of compensation is paid every day to the depositors of the banks, where insurance event occurred.

    'We have also transferred money to accounts of agent banks and we have additional 70 million manats of funds. At this rate, fund's means will end for about 10 days. At the same time we hold talks with the Central Bank. Lending has been agreed with the Central Bank and we will borrow in case the fund's money ends.'

    Executive Director said attracting funds from the CBAR considered for a short period as well as amount and interest rate of that loan is being specified.

    A. Javadov noted 123 million manats compensation will be paid to 'Texnika Bank' depositors: "For all insured deposits of Texnika bank in the amount of 123 166 426 AZN will be paid compensation. In addition, 95% of depositors Bank of Azerbaijan have already received the compensations. At the moment, on a daily basis the depositors of the bank are paying 150-200 thousand AZN."

    Notably, at a recent press conference, ADIF executive director stated that insured deposits of Texnika Bank will be compensated in sum of 79,344,000 AZN and the rest of the compensation in the amount of 43.8 million AZN will be considered.

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