On the revocation of banking licence and appointment of provisional administration
By order No. OD-1457, dated 23 June 2014, the Bank of Russia revoked the licence of the Moscow-based credit institution OPEN JOINT-STOCK COMPANY INTERREGIONAL COMMERCIAL BANK ZAMOSKVORETSKI or OJSC ZAMOSKVORETSKI BANK (Registration No. 1640) effective 23 June 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 the federal banking laws as well as the regulations of the Bank of Russia, failure to timely fulfill its obligations to its creditors, established facts of seriously inaccurate reporting data, 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)’.
Within its supervision over OJSC ZAMOSKVORETSKI BANK, the Bank of Russia revealed severe inaccuracy in its reporting data. Due to the loss of liquidity the bank failed to settle its clients’ accounts on time. At the same time, the credit institution submitted to the Bank of Russia material misstatements about the amount and terms of defaulted payments to its creditors and depositors. The management and owners of the bank have not taken any measures required to bring its operations back to normal and restore its financial status. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking licence of the credit institution in accordance with Article 20 of the Federal law ‘On Banks and Banking Activities’.
By its Order No. OD-1458, dated 23 June 2014, the Bank of Russia has appointed a provisional administration to OJSC ZAMOSKVORETSKI BANK 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.
OJSC ZAMOSKVORETSKI BANK is a member of the insurance deposit system. The revocation of the banking licence is an insured event envisaged by Federal Law No.
As of 1 June 2014, OJSC ZAMOSKVORETSKI BANK was ranked 438th by assets in the Russian banking system.
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23.06.2014 00.00.00