In 2017 banks’ shareholders made capital injection in the amount of AZN 0.9 billion in order to normalize the banking system, APA-Economics reports quoting the 2017 annual report of the Cabinet of Ministers.
According to the report, the restructuring processes on external debt of $2.4 billion have been completed. At the same time, $2.7 billion of toxic assets has been transferred to Agrarcredit CJSC. As at the end of 2017, assets of the financial system amounted to AZN43.7 billion, which makes up 62% of GDP (99% of non-GDP). Banks have 64% of total assets of the sector. Non-Banking Credit Institutions’ share in total assets increased to 33.4% thanks to transfer of IBAR’s toxic assets to Agrarcredit. Share of insurance sector and investment companies in total assets relevantly made up 2.3% and 0.4%.
Totally, IBAR’s toxic assets of AZN 14.7 billion was transferred to Agrarcredit CJSC.