The CBR revoked the licenses of Nota-Bank, and Svyaznoy Bank

The CBR revoked the licenses of Nota-Bank, and Svyaznoy Bank

Moscow. November 24. The Bank of Russia revoked the license for banking operations registered in Moscow, Nota-Bank, and Svyaznoy Bank, said in a statement the Central Bank.

The licenses were withdrawn from 24 November.

The Bank of Russia decided to carry out a procedure for the settlement of obligations to creditors Nota-Bank, whose demands are to be satisfied at the first stage. In particular, it is about the individuals whose account balances exceed the amount previously received insurance compensation in connection with the adoption of the Central Bank of the decision on the moratorium on satisfaction of creditors ‘ claims.

“The size of the satisfied requirements will be increased by the amount of interest accrued during the period of moratorium at the rates specified in article 189.38 of the Federal law “On insolvency (bankruptcy)”, – stated in a press release.

The CBR approved the plan of participation in the DIA settlement obligations, Nota-Bank. It involves a competition for transfer of assets and liabilities of the Bank in terms that would allow for the maintenance of first-priority creditors in the points of presence of the Bank or in the same localities. The contest is to be held within 14 days.

In a press release the Central Bank clarifies that the designated on 13 October, the interim administration Note-Bank conducted an analysis of its financial position, including the assessment of asset quality. According to the results of the analysis revealed that the excess value of the Bank’s liabilities over its assets is more than 26 billion roubles without taking into account the risks associated with the possible submission of claims by enforceable guarantees for the sum over 8 billion roubles.

“Due to low asset quality, given the amount of the Bank obligations and insurance liability DIA, the implementation of measures on prevention of bankruptcy of the Note-Bank on reasonable economic terms was not possible”, – stated in the press release of the Central Bank.

“To restore the Bank taking into account the provision of the DIA for the credit of the Bank of Russia financial instruments the economic value corresponding to the amount of liability insurance on deposits – 2.6 billion roubles, is required the voluntary conversion of all of the Bank’s liabilities to legal entities in the amount of 95% of the excess of the amount of 1,4 million rubles on indefinite loan. In the future, the Bank creditors would not have the possibility essentially to reduce their financial losses arising due to problems of the Bank”, – stated in the press release of the Central Bank.

Functions of the provisional administration Note-Bank assigned to the DIA.

According to reporting by 30 September, the Bank had funds of natural persons in the amount of 6.8 billion rubles.

In the first three quarters of 2015, the Bank occupied the 78th place in terms of assets in ranking “Interfax-100” prepared “Interfax-CEA”.

Svyaznoy Bank

“Svyaznoy Bank had committed violations of banking legislation and Bank of Russia regulations in part underestimation of credit risk. As a result of forming reserves, adequate to the accepted risks, the credit organization completely lost the capital,” – said in a press release.

Due to the low quality of assets, the procedure of financial rehabilitation of Svyaznoy Bank involving the Deposit insurance Agency on reasonable economic terms was not possible, notes of the Central Bank.

The Bank appointed a temporary administration, the powers of the Executive bodies are suspended. The Bank is a participant of the Deposit insurance system.

According to reporting on October 30, the Bank had funds of natural persons in the amount of 13.7 billion rubles.

Svyaznoy Bank in the first three quarters of 2015 took the 200-th place in terms of assets in ranking “Interfax-100” prepared “Interfax-CEA”.