A delegation from Azerbaijan's Deposit Insurance Fund (ADIF) participated in an international scientific-practical conference titled "Institutional Strengthening of Deposit Insurance Systems: Risk Assessment, Preventive Preparedness for Bank Failures and Ensuring Public Confidence," held in Bukhara, Republic of Uzbekistan, APA-Economics reports.
The conceptual objective of the event, organized by Uzbekistan's Deposit Guarantee Agency, was to enhance the functional resilience of deposit insurance institutions, optimize mechanisms for assessing and managing financial risks, ensure the prompt payment of compensation, and analyze opportunities for implementing advanced international standards and practices in protecting the rights and legitimate interests of depositors.
The Fund was represented at the event by Deputy Executive Director Akshin Jahangirov, Director of the Legal Department Azer Amirov, and Deputy Director of the Finance Department Aygun Baliyeva.
Speaking at the opening ceremony of the conference, Akshin Jahangirov presented a report on the establishment of the deposit insurance system in Azerbaijan, its regulatory and legal framework and development dynamics, measures taken to implement the Fund's legally defined powers, and strategic priorities for protecting depositors' rights and improving institutional activities.
Within the framework of the event, a memorandum on bilateral cooperation was signed between the Deposit Insurance Fund and the Deposit Guarantee Agency.
The memorandum establishes the legal and organizational foundations for developing institutional relations in the field of deposit insurance, expanding the exchange of information and best practices while respecting confidentiality requirements, improving compensation mechanisms, introducing digital financial technologies, and implementing joint practical initiatives.
During thematic sessions held in accordance with the event's program, participants discussed the application of risk-based insurance mechanisms, ensuring the financial sustainability and liquidity of insurance reserves, management of investment resources, digitalization of compensation payment processes, legal regulation of bank liquidation procedures, as well as identifying risks and potential threats to financial stability in the banking sector and preparing to address their consequences.
In accordance with the event's agenda, representatives of the Fund delivered presentations on relevant topics and provided detailed information on the legislative mechanisms and legal regulatory practices of the Republic of Azerbaijan covering the legal, financial, and institutional aspects of the deposit insurance system.
In her speech, Aygun Baliyeva addressed the integration of risk management mechanisms into the Fund's operational activities, the optimization of financial sustainability and liquidity in investment portfolio management, as well as opportunities for introducing digital channels in compensation payments.
Azer Amirov's presentation explained the legal status of the ADIF as a liquidator of banks and the regulatory framework governing its activities, liquidation proceedings, mechanisms for determining and satisfying creditors' claims in accordance with the legally established order of payment priority, as well as the specific features of the legal framework governing the relevant processes.
Within the framework of the event, representatives of institutions specializing in deposit insurance from various countries held discussions on assessing the compliance of existing legal and institutional mechanisms with international standards, improving risk management systems, increasing the efficiency of compensation procedures, and addressing new regulatory challenges arising from technological transformation in the financial sector.
At the conclusion of the event, it was decided to deepen institutional cooperation among organizations operating in the field of deposit insurance, continue the exchange of professional knowledge and experience, organize joint practical training sessions, introduce innovative technological solutions, and expand opportunities for cooperation in areas of mutual interest.
The participation of the Deposit Insurance Fund in international platforms of this kind contributes to the integration of advanced international practices in deposit insurance into the national institutional environment, the improvement of existing legal and operational mechanisms, as well as the strengthening of the Fund's capacity for international legal cooperation.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
