The Central Bank took management of the Bank “Ugra” in their hands

The Central Bank took management of the Bank “Ugra” in their hands

MOSCOW, July 10. /Offset. TASS Rita Shpilevskaya, Maria Stepanova/. The Bank of Russia on Monday introduced a temporary administration and the moratorium on satisfaction of requirements of creditors of the Bank “Ugra”, included in top-30 Russian banks by total assets.

In such action the regulator has gone due to the unstable financial situation of the Bank.

The moratorium will run for three months, and the interim administration, whose functions vested in the Agency on insurance of contributions (ASV), introduced at six months. After the interim administration will make a decision on the further destiny of Bank reorganization or revocation of license.

“Why we felt it necessary to make an assessment of the financial condition of the Bank by the forces of the interim administration? Because over the past few months we have indications that the statements provided by the Bank itself, is unreliable. We also have signs of possible assets and possible manipulation of the deposits”, – said at the briefing Deputy Chairman of the Central Bank Vasily Pozdyshev.

He said that the Central Bank has revealed so far only a scheme of manipulation of the deposits: the Bank, bypassing the restriction of the regulator to accept deposits, do individual investors, the shareholders, giving them one share. The volume of such manipulation, the regulator has estimated 1.88 billion.

What will happen with the “Yugra” further, according to Pozdyshev, the regulator decides on the results of the interim administration. The experts polled by TASS, noted that the quality of Bank assets, which is known now, the salvation of Ugra is hardly possible.

Record insured event

According to the DIA, the volume of deposits of physical persons in the Bank “Ugra” is about 181,5 billion rubles, of which payments to depositors of the credit institution is estimated at 169,2 billion. In the ASV this accident has called the record for all time of existence of system of insurance of contributions. However, the recapitalization of the Agency in this case is not required, TASS said Deputy Finance Minister Alexei Moiseev.

“Ugra”, as it turned out, a few months was under the scrutiny of the regulator. During this time, the Central Bank found evidence that a large part of the credit portfolio of “Ugra” went to Finance the business owners.

In addition, according to the head of banking supervision Department of the Central Bank of Anna Orlenko, receiving numerous provisions of the Central Bank to increase reserves by tens of billions of rubles, the Bank formed reserves on one loan due to the dissolution of provisions for other loans actually increasing redundancy, “thus technically avoiding the fall of the capital.”

Also, the Bank discovered the transaction with derivative financial instruments, allowing credit institutions to be reflected in the balance sheet profit. “This transaction is technically to show on the balance sheet profit. Therefore, we have reason to believe that the statements unreliable,” said Pozdyshev.

A failed rescue

Shareholders of the Bank “Ugra” from last summer discussed with the regulator the possibility of providing financial assistance, but to negotiate the parties have failed. “Most of the talks were devoted to the Bank was provided with financial assistance to increase the authorized capital at the expense of real funds is no schematic, but real, to the security and liquidity that meet the requirements of the Bank of Russia. Accordingly, a huge amount of real estate, and commercial complexes has been evaluated. Unfortunately, in the main objects or the Bank’s assessment of these objects have been exaggerated, three times, for example, either they were illiquid”, – said Orlenko.

According to her, the Bank of Russia received from the shareholders of “Ugra” about twenty versions of the plan to rescue the Bank, “but in the aggregate, the Bank was able to provide a plan that would show that they are able in this way to improve the situation in the Bank to become financial stable.” The shareholders of “Ugra” has repeatedly stated that they see great potential in the development of the credit institution and intend to continue its capitalization. In 2016, the shareholders have provided the Bank with a 28.5 billion rubles to increase own capital.

In the spring of this year, the press service of the Bank reported that it was decided to recapitalize the Bank with $500 million of Funds shareholder in the capital of financial institutions will be made by the conversion of the subordinated Deposit of the underlying equity (in the same way as was done in previous times). However, here, the Central Bank has suspected the existence of the scheme. “We have serious grounds to believe that the sources of subordinated deposits, which the Bank “Ugra” converted, were credit funds of other banks”, – said the Director of the banking supervision Department of the Central Bank.

Is not recoverable

Senior Director Analytical credit rating agencies Kirill Lukashuk sure what to say about the Bank bailout is not necessary because of the relatively low quality assets. Similar forecast gives the analyst of rating Agency “Expert RA” Yuri Belikov, according to which the reorganization of the “Ugra” is less likely than a revocation of the license.

The banking Association also counting on a more optimistic developments. Thus, the head of Association of regional banks, the Chairman of the Duma Committee on financial market Anatoly Aksakov hoped that the Bank will capitalize or sanitized with the help of the Central Bank.

In turn, the President of the Association of Russian banks Garegin Tosunyan noted that the claims Adjuster is to the Bank “Ugra” less ambitious than was to Tatfondbank (the regulator has revoked his license on March 3).

No need to panic

“Ugra” focused on working with individuals, so corporate portfolio of the Bank is small enough. According to the Bank, the total volume of funds of legal entities in the “Yugra” as of July 1 amounted to about 2.2 billion rubles. The majority of the companies – partners of the Bank told TASS that the problems of the credit institution will not impact on their activities.

Until June 2017, the Bank’s controlling shareholder was the Swiss company Radamant Financial AG (52,42% of the shares, the shares were purchased in 2015) under the control of Khotin (according to the media, co-owner of the Moscow shopping center “Gorbushkin yard”, “Filion”, “Krasnyy Bogatyr” and others). Even 35,42% of the shares were owned by nine shareholders, including Khotyn (0,48%).

In June, the Federal Antimonopoly service approved the petition of the shareholders of “Ugra” on the transfer 86,83% of the voting shares of Bank of the Russian JSC “Direct investments” (registered 5 April 2017, the head of the company – the President of the Bank “Ugra” Alexey Nefedov). In this case, the beneficiary of a controlling stake (60,37%) of “Direct investment” is Radamant Financial and 39,62% of shares belong to physical persons – owners of the Bank “Ugra”.