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Azerbaijan to reduce interest rate of additional premiums paid by member banks

Mechanism for calculating penalties paid by member banks of DIF is changed

Baku. 19 January. REPORT.AZ/ Azerbaijan is changing the interest rate of additional premiums paid by member banks of Deposit Insurance Fund (DIF). Report informs, the bill amending the law "On deposit insurance" says.

The interest rate on the additional premiums paid by member banks of DIF, are declined from 0.2% to 0.1%. Currently, if the Fund borrows for the payment of compensation to the performance of the Fund all of its obligations, the banks participating in addition to calendar fees also pay additional premiums. Additional fees are paid according to the amount of debt taken by the Fund and the conditions for its return, but under the condition of not exceeding 0.2% of the daily average size of the residual amount of protected deposits during the quarter.

Under the amendment, a penalty imposed for each day of delay of payment of insurance premiums in the amount of 0.5% of premiums paid by the bank party in the previous reporting period.

Notably, according to the law, the penalty is charged for each day of delay of payment of premiums paid by the bank party in the previous reporting period to 1/360 of the discount rate of the Central Bank.

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