12:18 - 21.11.2019

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November 21, Fineko/abc.az. Head of the Center for Economic & Social Development Vugar Bayramov commented on the matters of concern to citizens in connection with the bankruptcy of banks.

ABC.AZ reports that in his statement Center’s head touched upon a number of questions, including the non-return of deposits to citizens after the closure of bankrupt banks, as well as the presence of gaps in the legislation.

The expert commented on the question in this way: "If the bank that spends citizen’s money does not bear any obligations, then why should the citizen return the money to the bank that owed to him? However, legislation should be improved to allow comparison and replacement of both obligations. The existing legislation needs to be changed, as it protects the interests of bank managers more than interests of citizens. So, we propose to create an opportunity to replace the obligations of individuals, as well as their liabilities. Thus, if during bank’s bankruptcy a citizen had a deposit in the bank in the amount of 17,877 manats, and the accounts payable of the bank is 13,800 manats, then the credit line should be closed and changes should be made in the legislation, to allow to pay 40,870 manats to the citizen. At the same time, these replacement should be carried out not on banks, but on individuals. Thus, if a citizen has a deposit in one bankrupt bank, and a credit obligation in another bank, it is necessary to create an opportunity for their replacement. In this regard, it is necessary to amend the legislation to protect fully the rights of our citizens who have liabilities in bankrupt banks.”