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Understanding deposit insurance
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Kazakhstan Deposit Insurance Fund announced that JSC “Bank CenterCredit” will serve as agent bank for processing additional payouts to the Valut-Tranzit Bank depositors

Almaty – Today, August 4, at 12:00, in the IA Interfax Kazakhstan press center (3th floor, 61a, Kurmangazy street, Almaty) press conference took place to communicate the issues related to the forthcoming additional reimbursement payout to the Valut-Tranzit Bank depositors. The KDIF Chairman Bakyt Kogulov, Deputy Chairman Kuanyshbek Abzhanov and Vladislav Lee, Chairman of the Management Board at JSC “Bank CenterCredit” were speaking.

August 1, 2015 the law came into force entitling the depositors of JSC Valut-Tranzit Bank, which failed back in 2007, to receive additional reimbursement. Each depositor who had held a deposit in Valut-Tranzit bank in the amount exceeding 700 000 tenge (deposit insurance coverage amount as of the date of the bank’s failure) is entitled to receive additional reimbursement in the amount of the deposit balance, with no interest accrued, limited to 5 million tenge.

According to Deputy Governor of National Bank of the Republic of Kazakhstan Kuat Kozhakhmetov, 4 995 depositors are entitled to receive the additional reimbursement amount by the means of Kazakhstan Deposit Insurance Fund. The total amount to be distributed is 4.25 billion tenge. The other 223 depositors whose deposits had exceeded the amount of 5 million tenge, are entitled to reimbursement in the due course as established by legislation governing the bank liquidation procedures.

According to the deposit insurance law in the RK, bank deposits of individuals and individual entrepreneurs are covered, including term deposits, demand deposits, conditional deposits and balances on bank accounts and cards.

Back in 2007, the maximum coverage limit was 700 000 tenge and any depositor who filed a claim to Kazakhstan Deposit Insurance Fund and whose deposit balance had not been in excess of the maximum coverage limit, was reimbursed by the KDIF in timely manner. The total amount paid out comprised 13.88 billion tenge.

Қоғылов Бақыт, Владислав Ли

Bakyt Kogulov (KDIF), Vladislav Lee (Bank CenterCredit)

The KDIF Chairman Bakyt Kogulov informed that the agent bank for processing additional  payouts to the Valut-Tranzit Bank’s depositors was appointed in compliance with all the procedures required by legislation, on a bidding basis.

The core criteria for the applicant banks were operating via extensive branch network and being in strong financial position. JSC “Bank CenterCredit” passed under all the criteria, and following the ruling of the KDIF Board of Directors the bank was appointed agent bank  to process the additional payouts to depositors of Valut-Tranzit Bank. 

Vladislav Lee, Chairman of the Management Board at JSC “Bank CenterCredit” confirmed that Bank CenterCredit is completely ready to process the additional payout. “In order to receive  reimbursement, a depositor shall go to any neighborhood branch and file a minimum documentation package, namely the reimbursement claim application and the ID card”.

The agent bank will accept claims commencing 10 August, 2015. Claims will be settled within 5 working days since the date of filing. The Valut-Tranzit Bank depositors have the right to file their claims in any agent bank’s branch within 6 months, and thereafter the claims shall be filed directly to the KDIF.

Further information is available via toll-free hotline number 8 800 080 10 20 or during consultation in an agent bank’s branch.

JSC “Kazakhstan Deposit Insurance Fund” (the KDIF) is a subsidiary organization of National Bank of the Republic of Kazakhstan established in 1999 to safeguard the rights and lawful interests of the second-tier banks’ depositors.

The KDIF insures liabilities of the deposit insurance system member banks to reimburse the depositors holding funds balances with all types of bank accounts (including savings accounts and cards) in case of forced liquidation of a bank. At the moment, membership in the deposit insurance system comprises 34 banks.

Deposit insurance coverage for deposits in national currency is limited by 10 million tenge, while the coverage limit applied to foreign currency deposits is 5 million tenge.

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