OREANDA-NEWS. March 6, 2009. The Azerbaijan Deposit Insurance Fund (ADIF) has broadened its member ranks another time.

The Fund reports that in March it was registered membership of Kredobank that earlier failed to conform the membership conditions. The latter was granted all attributes of the ADIF members.

ADIF started its operating on 13 August 2007. Currently there are 41 banks in its member ranks, while the country is numbering 45 banks. Under law, all the domestic banks should become the Fund members in case they conform to its standards.

Currently the Fund covers bank deposits of 1.296 million people.

Full coverage relates to deposits in size of up to AZN 6,000.

Totally with paid membership fees all the ADIF receipts made AZN 11.168 million following last year. Following 2008 individuals' deposits in the ADIF member banks totaled AZN 1.711 bn, uninsured deposits AZN 337.788 million, and insured deposits AZN 1.373 bn.

In 2009 three banks became the Fund's members - newly-established Azfinansbank, Bank VTB Azerbaijan (founded on the basis of AF Bank) and Kredobank. When entering the ADIF the bank pays lump-sum membership fee of AZN 10,000.

Since the third quarter of 2008 calendar fee was cut from 0.15% to 0.125% of average daily balance on deposits in manats for the previous 90 days. 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fee is paid by the members after they got in the ADIF register and its payment is stopped when in case the member is withdrawn its bank license.