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Azerbaijan Deposits Insurance Fund makes public annual report

12 April 2013 13:42 (UTC +04:00)

According to report, 36% (AZN 1.7 bln) of total deposits of (AZN 4.8 bln) was uninsured deposits, 64% (AZN 3.1 bln) – insured deposits.

Comparison analyze of thee performances indicate that uninsured deposits in member banks dropped 4% and position of insured deposits is strengthened. So, compared with the 4th quarter of 2011, individuals’ total deposits rose 28% (AZN 1.050 mln), uninsured deposits – 16% (AZN 242 mln) and insured deposits – 36% (AZN 808 mln).

The report says the growth rate of insured deposits was higher than growth rate of total and uninsured deposits for the first time during 5 years.

When the 3rd quarter of 2012 is compared with the 4th quarter, as of the end of 4th quarter, the insured deposits made AZN 3,253 mln, while it was AZN 3,052 mln during the 4th quarter, up 6.6% (AZN 201 mln) in comparison to amount of insured deposits within the quarter, 9.9% (AZN 291.8 mln) - in comparison to amount of insured deposits as at the end of the quarter.

According to the report, compared to last year, the compensated deposits increased by AZN 399 mln as of the end of 2012 and reached AZN 1,540 mln. As to quarterly growth, compensated deposits rose AZN 136 mln compared to previous year and made AZN 1,540, which makes 47.3% of secured deposits. 57% of secured deposits are in manat, 385 – USD, 5% - euro.

The report says that in 2012 insurance event took place at Royal Bank and according to register of liabilities in front of depositors, total amount of compensation to be paid to AZN 26.5 mln secured deposits of 7,063 secured depositors makes AZN 14.7 mln or 55.5%. As of January 1, 2013, 86.4% or AZN 12.716 mln from total amount (AZN 14,712 thousand) have been paid to 1,496 depositors. In general, AZN 1.996 mln is considered to pay to 4,262 depositors. Payment of compensations is realized by 3 bank-agents (Muganbank, Bank Respublika and AGBank).

At present, insurance reserves of the Fund makes AZN 45.2 mln. Management of funs is realized on the basis of investment policy. AZN 28.5 mln of Fund’s reserves is in state securities and profitability makes on average 4.6% per annum. 5.0 mln euros have been given to management of Deutsche Asset Management International company.