The Central Bank revoked the license of Tatfondbank

The Bank of Russia revoked the license of Tatfondbank. This was reported on the website of the regulator.

As explained, the Central Bank, the decision to revoke the license was made in connection with a “non-credit institution Federal laws regulating Bank activity, and statutory acts of Bank of Russia, the value of the ratios of capital adequacy below two percent,” reduction of capital “below the minimum share capital”.

According to the Bank of Russia, Tatfondbank “inadequately assessed risks” with a poor quality assets. This led to a complete loss of equity capital, said the regulator.

The Central Bank said that due to the low quality of assets, the procedure of financial recovery is impossible. The interim administration, whose functions were assigned to Agency on insurance of contributions was discontinued.