Thus, the Central Bank approves the fact that an insurance accident occurred in accordance with the article #2.1.9 of the law on Deposit Insurance and Bank of Azerbaijan OJSC is unable to execute obligations before the depositors. The Deposit Insurance Fund informs the public about occurrence of insurance accident at the Bank of Azerbaijan and notes that January 22, 2016 is the date the accident occurred.
The Funds guarantees that 100% of insured deposits up to AZN 30,000 will be compensated. According to the article #28.1 of the law on Deposit Insurance, the depositors will be given additional information about agent banks and date and place for payment of compensation within the seven days. The deposits over AZN 30,000 will be repaid by the liquidator in accordance with the law.
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