On cancelling banking licence of credit institution NEW TIME

By its Order No. OD-2026, dated 03.08.2018, the Bank of Russia cancelled the banking licence of the Moscow-based credit institution Commercial Bank NEW TIME (limited liability company), or CB NEW TIME (LLC) (Registration No. 3492) from 03.08.2018. According to the financial statements, as of 01.07.2018, the credit institution ranked 429^th by assets in the Russian banking system.

The Bank of Russia cancelled the credit institution’s banking licence based on Article 23 of the Federal Law ’On Banks and Banking Activities’ following the decision of the credit institution’s authorised body to terminate its activity through liquidation according to Article 61 of the Civil Code of the Russian Federation and the submission of the respective application to the Bank of Russia.

Based on the data provided to the Bank of Russia, the credit institution has enough assets to satisfy creditors’ claims.

In compliance with Article 62 of the Civil Code of the Russian Federation and Article 57 of the Federal Law ’On Limited Liability Companies’, a liquidation commission will be appointed to CB NEW TIME (LLC).

CB NEW TIME (LLC) is a member of the deposit insurance system. The cancellation 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 no more than a total of 1.4 million rubles per depositor.

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