Bank of Russia to disclose more information on liquidation procedures at credit institutions

The regulator posted on its website a report on the termination of activities of credit institutions. The report highlights both the operation of provisional administrations appointed to manage banks with revoked licences and the winding up procedures applied to such credit institutions. The report will be a semi-annual publication.

More information to be disclosed will make the liquidation procedures applied to credit institutions more transparent. The report will allow a broad range of stakeholders to regularly receive additional information about the outcomes of liquidation procedures and other information that will help them understand the fundamentals of insolvency (bankruptcy) legislation.

As of 1 July 2018, 18 provisional administrations were appointed to manage credit institutions whose licences had been revoked. 358 credit institutions were undergoing winding up procedures: of which 31 credit institutions were in the process of involuntary liquidation; 324 credit institutions were undergoing bankruptcy proceedings and 3 credit institutions were in the process of voluntary liquidation.