On appointing the Deposit Insurance Agency to perform the functions of the provisional administration of PJSC BANK JUGRA and on imposing moratorium on meeting the bank’s creditor claims

Due to the unstable financial situation at PUBLIC JOINT-STOCK COMPANY BANK JUGRA (registration No. 880, the city Moscow) and the existence of a threat to its creditors’ and depositors’ interests, by its Order No. OD-1901, dated 7 July 2017, the Bank of Russia assigned the state corporation Deposit Insurance Agency with the functions of the provisional administration to manage this bank for a six-month period from 10 July 2017.

The powers of shareholders connected with participation in the authorised capital and the powers of the managing bodies of PJSC BANK JUGRA are suspended for the period of provisional administration activities.

The key objective of the provisional administration is to carry out an inspection of the bank’s financial situation.

At the same time, by its Order No. OD-1902, dated 7 July 2017, issued in pursuance of Article 189³⁸ of Federal Law No. 127-FZ, dated 26 October 2002, ‘On the Insolvency (Bankruptcy)’, the Bank of Russia imposed a three-month moratorium on meeting the creditor claims of PJSC BANK JUGRA.

Pursuant to Federal Law No. 177-FZ, dated 23 December 2003, ‘On the Insurance of Household Deposits with Russian Banks’ the moratorium on meeting bank creditors’ claims is an insured event. Payments to PJSC BANK JUGRA depositors, including individual entrepreneurs, will start no later than 14 days since the date the moratorium was imposed. The state corporation Deposit Insurance Agency will determine the procedure for paying indemnities.

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