The DIA will begin payments to depositors of the Bank Liaison no later than 8 December

Moscow. November 24. The Agency for Deposit insurance (DIA) will start payments to depositors deprived of licenses of Moscow, Svyaznoy Bank and Bank “Baltic” not later than December 8, the report said DIA.

The insurance indemnity is paid to the depositor in the amount of 100% of the sum of all his accounts (deposits) in credit institutions (including open for business activity), but not more than 1,4 million rubles in total.

The amount not reimbursed by insurance, will be repaid during liquidation of banks as part of the claims of first-priority creditors (IE accounts opened for business activity, – in the third phase). On deposits in foreign currency, compensation will be calculated in rubles at the exchange rate ruling at the date of revocation of the license, noted the DIA.

For operative reception of statements of citizens and the fastest possible payment of compensation on deposits DIA intends to use agent banks will be selected on a competitive basis no later than 30 November 2015.

The CBR revoked the licenses of both banks earlier Tuesday, 24 November.

According to the regulator, Svyaznoy Bank did not execute Federal laws regulating Bank activity, and statutory acts of Bank of Russia, and the value of all adequacy ratio of own funds (capital) of the Bank was below the minimum allowable value. In addition, as a result of forming reserves, adequate to the accepted risks, the credit organization completely lost own means. 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, noted in the message of the regulator

Bank “Baltic” placed funds in low-quality assets and create adequate accepted risks provisions for possible losses on loans and other assets. In the result of the formation of reserves in the required amount, it has lost a significant part of the capital. The credit institution was involved in questionable conduct transit operations, including cash withdrawal abroad in large volumes.

In the first three quarters of 2015 Svyaznoy Bank took the 200-th place by assets and 118th place (13.7 billion rubles) volume of attracted funds of individuals in the ranking “Interfax-100” prepared “Interfax-CEA”. Bank “Baltic” has held 164-e and 150-e (8.6 bn) respectively.