On financial resolution measures applied to OJSC ROST BANK, OJSC CB KEDR, OJSC AKKOBANK, OJSC SKA-BANK and OJSC Tveruniversalbank
The Bank of Russia took a decision on participation of the state corporation Deposit Insurance Agency (hereinafter, the Agency) in financial resolution of the open joint-stock company ROST BANK, open joint-stock company Commercial Bank KEDR, open joint-stock company Surgut Joint-Stock Commercial Bank AKKOBANK, open joint-stock Smolensk Stock Commercial Bank (SKA-Bank), and open joint-stock company Joint-Stock Commercial Bank Tveruniversalbank due to the threat to the interests of their creditors and depositors.
The participation plans provide for appointing the Agency to perform the functions of the provisional administration to manage the banks from 28 November 2014.
The decision to implement simultaneous measures to prevent bankruptcy of OJSC ROST BANK, OJSC CB KEDR, OJSC AKKOBANK, OJSC SKA-Bank, and OJSC Tveruniversalbank was taken due to the close economic ties between these banks and other evidence of common beneficial owners.
The powers of shareholders of the said banks connected with their participation in the authorised capital, and the powers of the executive bodies are suspended for the period of activity of the provisional administration.
This decision is aimed at protecting interests of the banks’ creditors and depositors.
In October-November 2014, in compliance with the Federal law ‘On the Additional Measures to Strengthen Stability of the Banking System until 2014’, the Bank of Russia involved the Agency in the assessment of financial stability of member-banks of ROST group and banks sharing common beneficial owners with OJSC ROST BANK. The assessment results and the documents received by the Bank of Russia in the course of supervisory activity indicate the reasons to take bankruptcy prevention measures stipulated by the Federal law ‘On the Insolvency (Bankruptcy) of Credit Institutions’, and other evidence of threat to the interests of creditors and depositors.
In accordance with the participation plans approved by the Banking Supervision Committee of the Bank of Russia and the Bank of Russia Board of Directors, bankruptcy prevention measures in the banks are implemented by the Agency. The Agency performs the functions of the provisional administration and will work out financial resolution plans for each bank in the short term.
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