The law “On deposits insurance” came into force in Azerbaijan.

Mediamax reports referring Trend that according to the law, the banks, which are members of the Insurance Fund, should pay one-time membership fee at the sum of 10 thousand manats.
The schedule payments by the banks during the first year will make 0,15% from the average daily remainder on the insured deposits, and the following years – 0,125%

At that, if the insurance reserves of the fund reach 5% from the volume of the insured deposits, the Board of Trustees can make a decision to decreasing the tariffs for the scheduled payments or stop them completely.

The law provides for implementing a number of limitations for insuring deposits. In particular, the deposits, the interests of which will exceed the amount of the NBA rate by 1,8 times, will not be insured.

The deposits, realized in Azerbaijan up to January 1 of 2008 at the sum of no more that 4 thousand manats, will be fully compensated. By January 1 of 2010 the sum of the deposit, which is fully compensated, will increase up to 6 thousand manats, and starting from 2010 – up to 8 thousand manats.