Finance

Finance

Payment of compensation to depositors of Royal Bank shut down in Azerbaijan stopped

23 July 2013 14:31 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. The payment of compensations by the agent banks to the depositors of Royal Bank, member of Azerbaijan Deposits Insurance Fund, in which insurance accident occurred on July 16, 2012 was stopped on July 23, 2013, the ADIF told APA.

Al depositors must be informed that in accordance with the article #28.3 of the law on Deposit Insurance, the appeals of the depositors have been received within a year since notification on payment of compensations was published.

The deadline of the applications is July 22 and DIF has stopped receiving the appeals and payment of compensations by the agent banks (Mugan Bank, Bank Respublika and AGBank) to the depositors.

The depositors appealing to the banks for payment of compensations after July 23 must call to (+994 12) 596 65 91/92/93 and 941 and appeal to the office of the Fund (bulbul Avenue, 40).

Note that total compensation sum to be paid to 5,759 insured depositors is AZN 14.7 mln or 55.5%. Number of Royal Bank’s depositors was 7,063. As of April 1, 2013, the Fund has paid AZN 12.9 mln or 87.8%.