Bank Of Baku

Reserves of Azerbaijan Deposit Insurance Fund to hit AZN 50 mln, this year

Reserves of Azerbaijan Deposit Insurance Fund to hit AZN 50 mln, this year
# 27 August 2012 08:52 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. By the year-end, insurance reserves of the Azerbaijan Deposit Insurance Fund will hit AZN 50 mln, chairman of the Fund Azad Javadov said, APA reports.

To him, before the insurance event on Royal Bank, the reserves of the Fund were AZN 48 mln. But after realization of payments on Royal Bank this figure will drop to AZN 34 mln. Nevertheless, these funds will be returned back after 2 months from the bank’s liquidator.

Javadov noted that each quarter the Fund receives nearly AZN 3.5 mln from member banks.
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