Allied Bank’s depositors to get paid

Allied Bank , which had its licence cancelled early last month, had a total of 8 381 depositors

Allied Bank , which had its licence cancelled early last month, had a total of 8 381 depositors

Business Reporter
The Depositors Protection Corporation (DPC) has started processing payments for Allied Bank depositors.

According to the corporation, it started processing payments this week. Allied Bank, which had its licence cancelled early last month, had a total of 8 381 depositors.

“A public notice will be issued in due course advising all depositors to submit their claims,” the DPC said.

Allied Bank becomes the fourth bank whose depositor’s are being paid by the DPC. The other three are Genesis, Royal and Trust Bank.

The corporation is also expected to start processing payment for AfrAsia Bank clients after the bank also had its licence cancelled by the central bank after it failed to meet minimum capital requirements prescribed by the Reserve Bank of Zimbabwe.

The corporation said the payments to Genesis, Royal and Trust Bank depositors were still being processed.

Last month the DPC indicated that it had paid out about $477 000 to depositors of Genesis, Trust and Royal banks after a slight increase in responses from the depositors.

The figure paid out represents about half the $812 523,14 of total insured deposits held by the DPC.

Of the $476 979, $353 180 was paid out to Royal Bank depositors. The figure represented about 74,79 percent of the bank’s deposits while total insured deposit for the bank were $472 206,69.

Trust bank depositors were paid $115 428 which is about 35 percent of the bank’s total deposits while the bank’s total insured deposits amounted to $328 516,45.

The least amount of $8 371 was paid to Genesis depositors representing 70,94 percent of the bank’s total deposits while total insured deposits amounted to $11 800.

The DPC is mandated to start compensating depositors up to the maximum insurable limit prevailing at the time of bank closure.

Currently the limit is $500 per depositor per bank which is paid immediately on bank closure.

Any balance above the insurable limit is paid after the liquidation process upon realisation of assets.

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