In compliance with Federal Law No. 175-FZ, dated 27 October 2008, ‘On Additional Measures to Strengthen the Stability of the Banking System in the Period until 31 December 2014’, the Bank of Russia decided to implement measures aimed at preventing the bankruptcy of the Moscow-based Commercial Bank Moskomprivatbank, a closed joint-stock company, involving the Deposit Insurance Agency, a state-owned corporation (hereinafter, the Agency), and to assign the Agency with the provisional administration function with regard to Moskomprivatbank. Seeking to prevent the bankruptcy of Moskomprivatbank the Bank of Russia approved the Plan according to which the Agency will assess the financial standing of Moskomprivatbank.
The rights of Moskomprivatbank shareholders to participate in the registered capital as well as the rights of management bodies are suspended during the period of provisional administration.
Moskomprivatbank continues to operate as usual; all the bank’s customers, including depositors, can use its services.
The Bank of Russia proceeds from the fact that the implementation of the approved measures will ensure uninterrupted customer servicing by Moskomprivatbank.