MOSCOW, July 21. /TASS/. The Bank of Russia has withdrawn since July 21, 2017 license for banking operations at the Kazan Joint-stock commercial Bank “spurt”, is spoken in the message of the regulator. According to statements by total assets of a credit institution on 1 July 2017 183 took place in the banking system of the Russian Federation.
According to the Bank, with a poor quality assets “spurt” inadequately assessed risks.
The state Corporation “Agency on insurance of contributions” (ASV), which by order of the Bank of Russia imposed temporary administration on management of Bank “spurt”, conducted a survey of their financial situation. The result of the survey was an objective reflection of the value of the assets in the financial statements of the credit institution, which led to a complete loss of its equity (capital).
The current situation is a consequence of the low diversification of the Bank’s assets – a significant portion of the loan portfolio “Spurt” was aimed at financing large investment projects under the control of the beneficiary of the Bank of enterprises, whose financial state is estimated as critical, said the regulator.
The Bank of Russia repeatedly applied against the Bank “spurt” measures of Supervisory response. The management and owners of Bank didn’t take effective action, aimed at normalizing its activity.
The evaluation of the DIA, the implementation of the financial recovery procedure with the involvement of the Agency and creditors of the Bank considered uneconomical because of the extremely low quality of assets, the magnitude of the detected imbalance between the amounts of assets and liabilities, taking into account the inability of credit institutions to ensure continued compliance with the requirements of the creditors, the report says.
In connection with the revocation of the license of the interim administration for the management of JSCB “spurt”, which was assigned to the DIA on April 28, 2017, discontinued. In accordance with the order of the Bank of Russia from July 21 to “spurt” appointed a temporary administration of the validity period until the appointment of a bankruptcy Trustee or liquidator. The powers of the Executive bodies of the credit institution are suspended.
Payments to depositors
The Bank “spurt” is the participant of system of insurance of contributions. The insurance case is considered to have occurred as of the date of introduction of the moratorium on satisfaction of creditors ‘ claims (28 April 2017), which is also calculated insurance indemnity in respect of the Bank’s liabilities in foreign currency.
The revocation of the license made prior to the expiration of the moratorium on satisfaction of creditors ‘ claims, does not negate the legal consequences of its introduction, including the duty of ASV on payment of insurance compensation on deposits, says the report of the Central Bank.
Payment of insurance compensation on deposits (accounts) in the “Spurt”, which began in mid-may, continued DIA.
The Bank of Russia has introduced 28 April 2017 the moratorium on satisfaction of requirements of creditors of Bank “spurt” for a period of three months. In such action the regulator has gone in connection with satisfaction of claims of creditors on monetary obligations in the terms exceeding seven days since the date of their satisfaction.
Simultaneously, the Central Bank laid on the DIA the functions of the provisional administration to manage the Bank for a period of six months.
As the regulator, the deterioration of the financial situation of the Bank due to a significant outflow of customer funds, triggered by including information attacks through social networks. At the initial stage of reduction of liquidity, the Bank was able to fulfill its commitments through the implementation of liquid assets. But then the realization of assets were hampered in connection with the Bank’s participation in financing of large investment projects at the enterprises controlled by the Bank Manager.
The Bank “spurt” established in December 1992 and was initially focused on work with the enterprises of small and average business. One of the major shareholders of the credit organization – the European Bank for reconstruction and development, the share of which in the “Spurt” of 28.25%.