The State Corporation Deposit Insurance Agency appointed to perform functions of the provisional administration of International Bank of St. Petersburg; moratorium on meeting the bank’s creditor claims imposed
Following the unstable financial position of the St. Petersburg-based International Bank of St. Petersburg (Registration No. 197), further referred to as the Bank, and a threat to its creditors’ and depositors’ interests, by its Order No. OD-2668, dated 15.10.2018, the Bank of Russia assigned the State Corporation Deposit Insurance Agency the functions of the provisional administration to manage the Bank for a six-month period.
Shareholder powers related to participation in the authorised capital and the powers of the Bank’s governing bodies are suspended for the period of provisional administration activities.
The provisional administration’s priority task will be to specify the gap between the value of the Bank’s assets and liabilities.
At the same time, by its Order No. OD-2669, dated 15.10.2018, issued in pursuance of Article 18938 of Federal Law No.
The Bank of Russia took the above decisions to protect the interests of the Bank’s creditors and depositors, help keep the situation in the credit institution under control and ensure its assets are protected.
International Bank of St. Petersburg is a member of the deposit insurance system. The imposition of the moratorium on meeting the bank’s creditor claims by the Bank of Russia is an insured event as stipulated by Federal Law No.
Payments to the Bank’s depositors will start no later than 14 days since the moratorium imposition date.
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