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    Azad Javadov: Uninsured deposits in banks under non-compulsory liquidation can be returned in 2017

    'We need court decision for this'

    Baku. 16 December. REPORT.AZ/ Although payment of deposits in under-liquidation ‘Parabank’ and ‘Dekabank’ has been started, the same process in other banks is expected to start in February. 

    Report was told by Azad Javadov, Executive Director of Azerbaijan Deposit Insurance Fund (ADIF), which is liquidator of closed banks.

    According to him, as two above-mentioned banks are under compulsory liquidation, the uninsured deposits are returned to clients: “One of those banks - ‘Parabank’ is transformed into non-bank lending organization. That’s why its obligations to clients are fulfilled. ‘Dekabank’ doesn’t hold much deposits; they can be returned without any problem. We need court decisions for the other banks to do this, which can stretch until February”.

    Notably, beside ‘Parabank’ and ‘Dekabank’ ADİF currently manages liquidation of 9 other banks – ‘Royalbank’, Bank of Azerbaijan, ‘Atrabank’, Caucasus Development Bank, Bank Technique, ‘Kredobank’, ‘Zaminbank’, ‘Ganjabank’ and Bank Standard. 

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