On application of financial rehabilitation measures

Resulting the assessment of financial position of OJSC Baltiyskiy Bank (hereinafter, the Bank) by the state corporation Deposit Insurance Agency (hereinafter, the Agency), the Bank of Russia took a decision to apply financial rehabilitation measures to the Bank in collaboration with the Agency and approved the Plan for participation of the Agency in bankruptcy prevention (hereinafter, the Plan).

This decision is aimed at protecting interests of customers, depositors and creditors of OJSC Baltiyskiy Bank and recovering its financial position.

In compliance with the Plan, starting 20 August 2014 the Agency takes the functions of provisional administration of the Bank. The powers of shareholders of OJSC Baltiyskiy Bank connected with participation in the authorised capital and the powers of managing bodies are suspended for the period of provisional administration activity. OJSC Baltiyskiy Bank continues regular functioning and renders the complete range of banking services to its customers and depositors.

The Bank of Russia will extend a loan in the amount of 10 billion rubles to the Agency for the primary purpose of liquidity management.

In the near future, the Agency will hold a tender for investor to implement financial rehabilitation of the Bank.

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20.08.2014 00.00.00