Finance

Home page

Finance

Only 29% of deposits insured in Royal Bank

31 July 2012 09:26 (UTC +04:00)

According to him, the agent banks are Mugan Bank, AGBank and Bank Respublika.

The reimbursement process will be conducted by distributing on zones. So, the depositor will get information about agent bank and its branch by applying to Royal Bankâ€™s relevant branch. Thereafter, the depositor will get compensation by applying to branch of the bank. Mugan Bankâ€™s 14 branches will participate on Royal Bankâ€™s 17 branches, Bank Respublikaâ€™s 10 branches on 13 branches and AGBankâ€™s 3 branches on 3 branches during the reimbursement.

Javadov noted that, total deposits to be repaid was AZN 17.3 mln, number of depositors whoâ€™s deposits are protected was 6,422. Bankâ€™s total liabilities on deposits are AZN 58 mln but protected deposits are AZN 17 mln (29%).Remind that, annual YTM protected by Fund must not be over 12%. Maximum sum of compensation is AZN 30,000.

Note that, approximately AZN 8 mln of compensation will be repaid by Mugan Bank, AZN 6.5 mln â€“ by AGBank and AZN 2.8 mln â€“ by Bank Respublika.

Javadov also noted that, reimbursement process would be completed in 14 days.