The Plenum of the Constitutional Court of the Republic of Azerbaijan, chaired by Farhad Abdullayev, held the special constitutional public court proceedings.
The constitutional case, submitted by the Cabinet of Ministers of the Republic of Azerbaijan based on the petition concerning interpretation of Article 2.1.2.6 of the Law of the Republic of Azerbaijan “On Insurance of Deposit” was considered at the court session.
Having heard the report of Judge Kamran Shafiyev, the statements of representatives of interested subjects and specialists, the expert’s opinion, having investigated and considered materials of the case, Plenum of the Constitutional Court adopted a decision.
According to the decision, under Article 2.1.2.6 of the Law of the Republic of Azerbaijan “On Insurance of Deposit”, in order that deposit may have the status of the protected deposit, its annual interest rate, mentioned in Article 8.1.20 of the same Law, may not exceed defined limits. Bonuses, given in addition to the deposit, are not considered as an annual interest rate.
Taking into consideration the legal provisions of the descriptive-motivating part of this decision, the deposits with interest rates exceeding defined limits, that may have protected status since they were modified (after the reducing of interest rates), should be considered as protected.
This decision of the Constitutional Court comes into force from the date of its publication, is final and cannot be cancelled, changed or officially interpreted by anybody or institution.
