OREANDA-NEWS. July 18, 2008. The members of the Azerbaijan Deposit Insurance Fund (ADIF) have carried out payment of their calendar fees for the 2nd quarter of 2008.

ADIF has informed that quarterly calendar fees totaled AZN 2.36 million (961,000 in manats, 1.072 million in US dollars and 159,000 in euro).

“Totally with paid membership fees all the ADIF receipts made AZN 7.619 million. In the 2nd quarter of 2008 individuals’ deposits in the ADIF member banks totaled AZN 1.608 bn, uninsured deposits AZN 251 million, and insured AZN 1.357 bn,” the Fund says.

Growth of deposits compared to the 1st quarter made up 7%, uninsured deposits 6%, and insured ones 14%.

For comparison: in the 4th quarter individuals’ deposits in the ADIF member banks totaled AZN 1.327 bn, uninsured deposits AZN 192.418 million and insured ones AZN 1.134 bn.

In the 1st quarter calendar fees totaled AZN 841,000, \\$1.94 million and ?130,000 and following this quarter ADIF had AZN 5.549 million of assets. Individuals’ deposits in the ADIF member banks totaled AZN 1.497 bn, uninsured deposits AZN 220.3 million, and insured ones AZN 1.277 bn.

As of April 1, 2008 the Fund covered bank deposits of 1.124 million people versus 1.085 million in the 4th quarter (rise: 4%). Today it covers deposits of 1,193,687 citizens (+6% in the 2nd quarter). Full coverage concerns deposits of up to AZN 6,000.

When entering the ADIF the bank pays lump-sum membership fee of AZN 10,000.

Calendar fee makes 0.15% of average daily balance on deposits in manats for the previous 90 days. In the future calendar fee can be cut to 0.125% of daily balance. Calendar fee is paid by the members after they got in the ADIF register and its payment is stopped when in case the member is withdrawn its bank license.

ADIF started its operating on August 13, 2007. Currently there are 37 banks in its member ranks, while the country is numbering 43 banks. Under law, all the domestic banks should become the Fund members in case they conform to its standards.