On appointing state corporation Deposit Insurance Agency to perform functions of provisional administration

In compliance with Federal Law No. 175-FZ, dated 27 October 2008, ‘On the Additional Measures to Strengthen Stability of the Banking System until 31 December 2014’, the Bank of Russia took a decision to appoint the state corporation Deposit Insurance Agency (hereinafter, the Agency) to perform the functions of the provisional administration of the OJSC Bank Narodniy Credit.

The powers of shareholders of OJSC Bank Narodniy Credit 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 enabling the Agency to take the bank’s assets under the operational control.

One of the tasks of the provisional administration is conducting examination of financial standing of the credit institution.

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01.10.2014 00.00.00