OREANDA-NEWS. December 8, 2008. Bank of Moscow starts paying funds to depositors of the bank OOO KIIB Sochi. Applications will be accepted from 4 December, 2008 until 4 March, 2009. Payments will be made by the Krasnodar and Sochi branches of the Bank of Moscow.

"By fulfilling the obligations of other banks towards their depositors, at the behest of the Deposit Insurance Agency, the Bank of Moscow is providing quality services", notes Alla Tsytovich, Managing Director of the Bank of Moscow Retail Business Unit. "The procedure for payment of insurance indemnification takes only a few minutes. Let me note that, from our experience of previous payments in which the Bank of Moscow has participated, over half the recipients of the compensation place their funds in Bank of Moscow accounts. This shows the high level of confidence the population has in the Bank."

Deposits to an aggregate of 700 thousand roubles are reimbursed to the depositor in full. If the depositor has liabilities towards the bank, the sum is deducted from the sum of the deposits. On bank deposits or accounts in foreign currency, the insurance indemnification is paid in roubles at the exchange rate of the Bank of Russia on the day the insurance event occurs. Any sum not covered by the insurance, is redeemed during the liquidation of the bank.