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Azerbaijan Deposit Insurance Fund has no plan to raise funds from central bank.

Global Banking News-March 4, 2016--Azerbaijan Deposit Insurance Fund has no plan to raise funds from central bank

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Global Banking News - 04 March 2016

The Azerbaijan Deposit Insurance Fund (ADIF) has said that it has no plans to raise funds from the central bank of Azerbaijan.

Azad Javadov, head of ADIF, said, 'To date, ADIF has paid nearly AZN93 million to the three banks, where insured events occurred. As is already known, ADIF's funds were AZN132 million, which means that we still have nearly AZN40 million left on our account. As it was noted by the head of the Central Bank of Azerbaijan, Elman Rustamov, the bank is ready to give us a loan in case if our funds aren't enough for payment of compensations. But as of now, ADIF has all the necessary funds, so in the near future we aren't going to raise funds from the Central Bank.'

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Publication:Global Banking News (GBN)
Geographic Code:9AZER
Date:Mar 4, 2016
Words:178
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