The Bank of Russia revoked the license of Rosavtobank, according to the website of the regulator. According to him, the Bank was “risky credit policy” and not “adequate to the accepted risks of reserves on possible losses on loans”. “Proper assessment of credit risk led to a complete loss of own means (capital) of the Bank,” said the regulator.
In addition, Rosavtobank not comply with “the requirements of the legislation in the sphere of combating legalization (laundering) of income obtained by criminal means and financing of terrorism, including the timely direction in authorized body information on operations subject to mandatory control.” The credit institution was involved “in questionable conduct transit operations”.
Rosavtobank is a member of the Deposit insurance system. By total assets on February 1 of the current year it was ranked 243rd in the Russian banking system. The Bank was funded mainly by deposits, whose share in liabilities was 50% or 7,47 billion rubles (sostenu on December 1, 2015.
Payments to depositors of Rosavtobank will begin no later than 18 March, reported the Agency for Deposit insurance (DIA) . “For operational reception of statements of citizens and the fastest possible payment of compensation on deposits DIA intends to use the agent banks. In accordance with the decision of the Board of ACB such agent banks will be selected on a competitive basis no later than March 14, 2016”, — noted in the DIA.
Before revocation of licence shareholders of the Bank paid off major creditors, said a source close to the regulator. This was confirmed by a financier, who learned about it from the staff of Rosavtobank. The largest share (18.9 per cent) belonged to the Chairman of Board of Bank Vladimir Peshkov and his family.
According to a recently retired employee of the Bank, the first problems in a credit organization appeared on December 29, when the credit organization suspended the issuance of deposits. According to him, the Central Bank asked the Bank management to assess additional reserves, and that could cause the problems emerging. “In January, the employees of the Bank called depositors and clients and offered to collect the funds, citing problems in the Bank”, — says the source. He also argues that money is “funds, state companies and state corporations were not at that Bank, because the Bank is too small”.
In mid-January Rosavtobank has not fulfilled its obligations under repurchase agreements in the amount of 2.2 billion rubles After that, the rating Agency “Expert RA” has downgraded its rating from B++ to And who sends to the sharply increased level of reputational and regulatory risks, in particular with default of obligations under REPO, as well as with the decrease in the level of information transparency and change the format of client payments, noted in the message of rating Agency.
In addition, Rosavtobank were overdue bonds Vneshprombank. This was told by a source close to DIA, and a source in the Treasury of Vneshprombank. But according to the latter, the amount of bonds did not exceed several hundreds of millions of rubles.
A week ago, wrote that Rosavtobank does not conduct transactions in the accounts of depositors, on the cards and in the Internet Bank. The call centre operator in the Bank reported that a credit institution does not conduct operations on the cards and in the Internet Bank due to technical reasons. The question of when will be fixed, she didn’t answer. She added, however, that contributions can be picked up by appointment five days after the filing of the application.
“Now the Bank experiencing temporary liquidity problems, but the Bank expects revenue from large lenders, both individuals and legal entities”, — said the operator call center. The problems with the servicing of accounts of companies, “the payments are held, the client-Bank for legal entities is working,” she said.
A few days later the officer call centre have warned that the Bank expects the revocation of the license.
Earlier on Friday the Bank of Russia withdrew the license for implementation of voluntary property insurance for LLC “Insurance investment company”. The regulator also suspended the licenses to carry out insurance LLC “Bashkir insurance company “Resonance”.