On revocation of banking licence and appointment of provisional administration
By its Order No. OD-2576, dated 22 September 2014, the Bank of Russia has withdrawn since 22 September 2014 a banking licence from ZAO Non-Bank Credit Institution SEVERNAYA KLIRINGOVAYA PALATA ZAO SEVERNAYA KLIRINGOVAYA PALATA (Reg. No.
The Bank of Russia took such an extreme measure — a revocation of a banking licence — due to the non-bank credit institution’s failure to comply with federal banking laws, Bank of Russia regulations, its capital adequacy level below 2%, a decrease in its own capital below its minimum authorised capital set by the Bank of Russia as of the date of its state registration and taking into account the application of measures stipulated by the Federal Law on the Central Bank of the Russian Federation
ZAO SEVERNAYA KLIRINGOVAYA PALATA pursued a high risk credit policy related to the placement of funds into low-quality assets. As a result of reserves formed according to risks assumed, the credit institution lost its capital. The executives and owners of the non-credit institution did not take any efficient measures to normalize its activities and restore its financial position. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking licence from the non-bank credit institution in accordance with Article 20 of the Federal Law on Banks and Banking Activities.
By its Order No. OD-2577, dated 22 September 2014, the Bank of Russia has appointed a provisional administration to ZAO SEVERNAYA KLIRINGOVAYA PALATA 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.
As of 1 September 2014, ZAO SEVERNAYA KLIRINGOVAYA PALATA was ranked 813th by assets in the Russian banking system.
The reference to the Press Service is mandatory if you intend to use this material.
22.09.2014 00.00.00