Press Service

On imposing a moratorium on satisfying claims of PJSC Tatfondbank creditors

Guided by Article 189³⁸ of the Federal Law ‘On Insolvency (Bankruptcy)’ the Bank of Russia has imposed a three-month moratorium on satisfying claims of creditors of Public Joint-stock Company Tatfondbank (Registration No. 3058) from 15 December 2016 due to the bank’s failure to satisfy creditors’ monetary claims within the timeframe exceeding seven days from the deadline.

In accordance with the Federal Law ‘On Insurance of Household Deposits with Russian Banks’, the imposition of a moratorium on satisfying bank creditors’ claims is an insured event. The payment of indemnities to PJSC Tatfondbank depositors, including individual entrepreneurs, will start no later than 14 days after the imposition of the moratorium. The state corporation Deposit Insurance Agency will determine the procedure for paying indemnities.

The Bank of Russia has also appointed the state corporation Deposit Insurance Agency as a provisional administrator for six months from 15 December 2016, due to the unstable financial position of PJSC Tatfondbank and threats to the interests of its creditors and depositors.

The rights of shareholders related to their stakes in the authorised capital as well as the authority of management of PJSC Tatfondbank have been suspended for a period of the provisional administration activity.

The priority task of the provisional administration is to inspect the bank’s financial position.