04.03.2016, 01:02
Bank of Russia Revoked Licence from Commercial Bank Akcia
OREANDA-NEWS. By its Order No. OD-728, dated 3 March 2016, the Bank of Russia revoked the banking licence from the Ivanovo-based credit institution Joint-Stock Commercial Bank Akcia, open joint-stock company, or JSCB Akcia OJSC (Registration No. 927) from 3 March 2016.
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, due to repeated application within a year of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)', considering a real threat to the creditors' and depositors' interests.
JSCB Akcia OJSC implemented a high-risk lending policy connected with the placement of funds in low-quality assets. An adequate assessment of the risks assumed and a reliable recognition of the bank's assets resulted in the grounds for the credit institution to implement measures to prevent the bank's insolvency (bankruptcy). The management and owners of the bank failed to take effective measures to normalise its activities.
By its Order No. OD-729, dated 3 March 2016, the Bank of Russia has appointed a provisional administration to JSCB Akcia OJSC for the period until the appointment of a receiver pursuant to the Federal Law 'On the 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 have been suspended.
JSCB Akcia OJSC is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law. The said Federal Law stipulates the insurance premium as 100% reimbursement of the balance of funds to bank depositors, including individual entrepreneurs, but not more than ? 1.4 million in aggregate per depositor.
According to the financial statements, as of 1 February 2016, JSCB Akcia OJSC ranked 625th 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, due to repeated application within a year of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)', considering a real threat to the creditors' and depositors' interests.
JSCB Akcia OJSC implemented a high-risk lending policy connected with the placement of funds in low-quality assets. An adequate assessment of the risks assumed and a reliable recognition of the bank's assets resulted in the grounds for the credit institution to implement measures to prevent the bank's insolvency (bankruptcy). The management and owners of the bank failed to take effective measures to normalise its activities.
By its Order No. OD-729, dated 3 March 2016, the Bank of Russia has appointed a provisional administration to JSCB Akcia OJSC for the period until the appointment of a receiver pursuant to the Federal Law 'On the 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 have been suspended.
JSCB Akcia OJSC is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law. The said Federal Law stipulates the insurance premium as 100% reimbursement of the balance of funds to bank depositors, including individual entrepreneurs, but not more than ? 1.4 million in aggregate per depositor.
According to the financial statements, as of 1 February 2016, JSCB Akcia OJSC ranked 625th by assets in the Russian banking system.
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