On revocation of banking licence and appointment of provisional administration
By Order No. OD-2044, dated 8 August 2014, the Bank of Russia revoked the banking licence of the Moscow-based credit institution Commercial Bank Ascania Trust, limited liability company, or Commercial Bank Ascania Trust LLC (Registration No. 286) from 8 August 2014.
The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, inability to meet the creditors’ claims on monetary liabilities and taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’. Pursuant to Article 20 of the Federal Law ‘On Banks and Banking Activities’, the Bank of Russia revoked the banking licence from the credit institution.
Commercial Bank Ascania Trust LLC failed to timely honour its liabilities to creditors due to the loss of liquidity.
The management and owners of the credit institution have not taken measures required to normalise its activities.
By its Order No. OD-2045, dated 8 August 2014, the Bank of Russia has appointed a provisional administration to Commercial Bank Ascania Trust LLC for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy) of Credit Institutions’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.
Commercial Bank Ascania Trust LLC is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No.
As of 1 July 2014, Commercial Bank Ascania Trust LLC ranked 727th by assets in the Russian banking system.
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08.08.2014 00.00.00