The Bank of Russia withdrew the license at Bank Millennium

The Bank of Russia withdrew the license at Bank Millennium

MOSCOW, 5 February. The Bank of Russia has withdrawn since February 5, 2016 the license for banking operations in Moscow Bank Millennium, said in a statement the Central Bank.

According to the regulator, with a poor quality of assets the Bank did not adequately evaluated credit risks taken.

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Credit risk assessment on the request of the Supervisory authority identified the loss of your own funds (capital) of the Bank. In connection with liquidity loss the credit organisation fails to perform the obligations to creditors. The management and owners of Millennium Bank did not take measures to normalize the activities.

In accordance with the order of the Bank of Russia, the Bank appointed a temporary administration. The powers of the Executive bodies of the credit institution are suspended.

Millennium Bank is a member of the Deposit insurance system. According to statements by total assets on January 1, 2016 ranked 282nd place in the banking system of the Russian Federation.