Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

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

Due to the unstable financial situation at the Moscow-based Public Joint-Stock Company United Financial Capital Bank (registration No. 2270) and the existence of a threat to its creditors’ and depositors’ interests, by its Order No. OD-693, dated 21 March 2018, the Bank of Russia assigned the state corporation Deposit Insurance Agency with the functions of the provisional administration to manage the bank for a six-month period from 21 March 2018.

The powers of shareholders connected with participation in the authorised capital and the powers of the managing bodies of UFC Bank PJSC 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-694, dated 21 March 2018, 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 UFC Bank PJSC effective from 21 March 2018.

The Bank of Russia took the above decisions to protect interests of creditors and depositors of UFC Bank PJSC. They will help keep the situation in the credit institution under control and preserve its assets.

UFC Bank PJSC 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 ‘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. The state corporation Deposit Insurance Agency will determine the procedure for paying indemnities.

Payments to UFC Bank PJSC depositors will start no later than 14 days since the date the moratorium has been imposed.

21 March 2018

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