The Central Bank imposed a moratorium on satisfaction of requirements of creditors of Tatfondbank

The Bank of Russia introduced a moratorium on satisfaction of requirements of creditors of Tatfondbank for a period of three months, according to the website of the regulator.

The Central Bank added that the moratorium is insured and the payments to depositors will start no later than 14 days from the date of its introduction. In addition, “due to the unstable financial situation of Tatfondbank and the existence of a threat to the interests of its creditors and depositors,” the Central Bank introduced a temporary administration the Bank on December 15. She will manage the Bank within six months.

“For the period of activity of the provisional administration powers of the shareholders related to participation in the authorized capital, and the powers of the management bodies of JSC “Tatfondbank” suspended”, — stated in the press release of the regulator.

Earlier on Thursday the Bank of Russia decision to impose a temporary administration in Tatfondbank wrote the newspaper “Kommersant” with reference to sources. According to interlocutors of the edition, such decision of the regulator gives us a chance to reorganize the Bank as the Deposit insurance Agency, as a rule, attracted to assess the feasibility of salvation. On 14 December, the Bank suspended cash management service customers to rebuild the liquidity of the Bank. Shortly before it was reported that the Bank has restricted the issuance of deposits to customers. From ATMs limit on cash withdrawals amounted to 15 thousand rubles, and if you want to remove more than 50 thousand rubles in the Department — means it must be booked in advance.

Sources of “Kommersant” also reported earlier that the Central Bank should consider a plan for financial rehabilitation of the Bank. According to them, for the rehabilitation of the Bank needs about 80 billion rubles, the Interviewees reported that the Central Bank considered a variant in which the regulator allocates no more than 50% is required to support the Bank’s funds, provided that the authorities of the Republic will support about the same size.

On the eve of Tatfondbank’s long-term rating on deposits in national and foreign currencies lowered the rating Agency Moody’s. He fell to Caa1 from B3. According to the Agency, over the past three weeks, the Bank lost 10% of their deposits. Credit ratings the Bank also lowered S&P Global Ratings.