19.12.2015, 00:08
Bank of Russia Revoked Licence from RUSSTROYBANK
OREANDA-NEWS. By its Order No. OD-3659, dated 18 December 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution joint-stock company RUSSIAN CONSTRUCTION BANK or JSC RUSSTROYBANK (Registration No. 3205) from 18 December 2015.
The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, inability to meet creditors' claims on monetary obligations, and repeated application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.
Following the loss of liquidity JSC RUSSTROYBANK failed to timely meet its obligations to creditors. Besides, the bank was involved in dubious large-scale transactions. The management and owners of JSC RUSSTROYBANK did not take measures to normalise its activities and recover its financial status.
In these circumstances, pursuant to Article 20 of the Federal Law 'On Banks and Banking Activities', the Bank of Russia revoked the banking licence from JSC RUSSTROYBANK.
By its Order No. OD-3660, dated 18 December 2015, the Bank of Russia has appointed a provisional administration to JSC RUSSTROYBANK for the period until the appointment of a receiver pursuant to the Federal Law 'On Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In accordance with federal laws, the powers of the credit institution's executive bodies are suspended.
JSC RUSSTROYBANK is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation. This Federal Law provides for the payment of insurance indemnity to the bank's depositors, including individual entrepreneurs, in the amount of 100% of their balances but not exceeding the total of 1.4 million rubles per depositor.
According to the financial statements, as of 1 December 2015, JSC RUSSTROYBANK ranked 135th by assets in the Russian banking system.
The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, inability to meet creditors' claims on monetary obligations, and repeated application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.
Following the loss of liquidity JSC RUSSTROYBANK failed to timely meet its obligations to creditors. Besides, the bank was involved in dubious large-scale transactions. The management and owners of JSC RUSSTROYBANK did not take measures to normalise its activities and recover its financial status.
In these circumstances, pursuant to Article 20 of the Federal Law 'On Banks and Banking Activities', the Bank of Russia revoked the banking licence from JSC RUSSTROYBANK.
By its Order No. OD-3660, dated 18 December 2015, the Bank of Russia has appointed a provisional administration to JSC RUSSTROYBANK for the period until the appointment of a receiver pursuant to the Federal Law 'On Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In accordance with federal laws, the powers of the credit institution's executive bodies are suspended.
JSC RUSSTROYBANK is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation. This Federal Law provides for the payment of insurance indemnity to the bank's depositors, including individual entrepreneurs, in the amount of 100% of their balances but not exceeding the total of 1.4 million rubles per depositor.
According to the financial statements, as of 1 December 2015, JSC RUSSTROYBANK ranked 135th by assets in the Russian banking system.
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