The Central Bank revoked the license of the capital’s Plane

The Bank of Russia has withdrawn since 22 August a license for banking operations of the Moscow Plane, according to the website of the regulator. The decision was accepted in connection with default by Bank of Federal laws regulating Bank activity, statutory acts of the regulator, the value of the capital adequacy ratio of the Bank below 2% and a decrease in capital below the minimum Charter capital.

With a poor quality assets Rubank inadequately assessed in connection with these risks, the risk assessment revealed complete loss of the Bank’s own funds, and the managers and owners of the credit institution did not take effective measures to normalize its activities, said the Central Bank.

The Bank appointed a temporary administration of the validity period until the appointment of a bankruptcy Trustee or liquidator.

Rubank is the participant of system of insurance of contributions. The law provides for the payment to the depositors of the Bank insurance compensation in the amount of 100% of the remaining balance, but not more than 1,4 million rubles in aggregate per depositor.

According to the Agency for Deposit insurance (DIA), payments to depositors of the Plane will begin no later than September 5.

By total assets at 1 August Rubank 462 took place in the Russian banking system.

The Bank was established in 1993 in Rostov-on-don, and was then called JSC “Rostov universal Bank”. In 2014, the credit institution changed its name to “Rebank”, and its head office moved to Moscow. Main activity of the Bank was lending and attracting funds to deposits.