13.04.2016, 14:21
On Revocation of Banking Licence of Credit Institution Puls Stolitsy
OREANDA-NEWS. By its Order No. OD-1216, dated 13 April 2016, the Bank of Russia revoked the banking licence from the credit institution Commercial Bank Puls Stolitsy (Registration No. 3002 , the city of Moscow) from 13 April 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, because the capital adequacy ratio of this credit institution was below 2% and its equity capital dropped below the minimum authorised capital value established by the Bank of Russia as of the date of the state registration of the credit institution, and taking into account the repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
Commercial Bank Puls Stolitsy failed to adequately assess the risks assumed as the quality of assets was bad. The competent assessment of credit risk at the supervisor’s request revealed a full loss of the bank’s equity capital.
The management and owners of the credit institution did not take proper action to bring its activities back to normal. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking licence of the credit institution in accordance with Article 20 of the Federal Law ‘On Banks and Banking Activities’.
By its Order No. OD-1217, dated 13 April 2016, the Bank of Russia has appointed a provisional administration to Commercial Bank Puls Stolitsy 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 are suspended.
Commercial Bank Puls Stolitsy 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 provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but not more than 1.4 million rubles per depositor.
According to the financial statements, as of 1 April 2016, Commercial Bank Puls Stolitsy ranked 545th 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, because the capital adequacy ratio of this credit institution was below 2% and its equity capital dropped below the minimum authorised capital value established by the Bank of Russia as of the date of the state registration of the credit institution, and taking into account the repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
Commercial Bank Puls Stolitsy failed to adequately assess the risks assumed as the quality of assets was bad. The competent assessment of credit risk at the supervisor’s request revealed a full loss of the bank’s equity capital.
The management and owners of the credit institution did not take proper action to bring its activities back to normal. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking licence of the credit institution in accordance with Article 20 of the Federal Law ‘On Banks and Banking Activities’.
By its Order No. OD-1217, dated 13 April 2016, the Bank of Russia has appointed a provisional administration to Commercial Bank Puls Stolitsy 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 are suspended.
Commercial Bank Puls Stolitsy 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 provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but not more than 1.4 million rubles per depositor.
According to the financial statements, as of 1 April 2016, Commercial Bank Puls Stolitsy ranked 545th by assets in the Russian banking system.
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