The Deposit Insurance Fund held a press conference on 27th May, 2010.
According to the decision of the Trustee Board of Azerbaijan Deposit Insurance Fund in agreement with the Central Bank from 1st of June, 2010 the highest annual percent rate for the bank deposits insured by the Fund will be reduced from 15% to 12%. The Executive Director of the Fund Azad Javadov gave this information.
The representatives of Russian Deposit Insurance Agency who were in Baku for experience exchange purposes also took part at the press conference. The Deputy of the Executive Director of the Agency Andrey Melnikov made statements and gave information about deposit insurance in Russia.
New deposits allocated more than 12 % in the member banks are not protected by the Fund from June 1, 2010 and no compensation are paid for them.
It would be mentioned that, the maximum limit of the compensation payments is 30 (thirty) thousand manats now.
Depositors pay no money for the insurance of their deposits. The insurance fees are paid only by banks.
