On imposing moratorium on meeting creditor claims of PJSC MJSB Tempbank

Due to the unstable financial position of the public joint stock company Moscow Joint Stock Bank Tempbank (Registration No. 55) and a threat to the interests of creditors and depositors, by its Order No. OD-870, dated 5 April 2017, the Bank of Russia appointed the state corporation Deposit Insurance Agency to perform the functions of provisional administration of the bank for a period of six months.

The powers of shareholders connected with participation in the authorised capital and the powers of managing bodies of PJSC MJSB Tempbank are suspended for the period of provisional administration activity.

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

At the same time, due to the failure to meet creditors’ claims on monetary obligations within seven days from their maturity date and guided by Article 189³⁸ of Federal Law No. 127-FZ, dated 26 October 2002, ‘On Insolvency (Bankruptcy)’, by its Order No. OD-871, dated 5 April 2017, the Bank of Russia imposed a moratorium on meeting creditors’ claims with respect to PJSC MJSB Tempbank for a three-month term starting 5 April 2017.

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 MJSB Tempbank depositors, including individual entrepreneurs, will start no later than 14 days since the date the moratorium has been imposed. The state corporation Deposit Insurance Agency will determine the procedure for paying indemnities.

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05.04.2017 00.00.00