On revocation of banking licence and appointment of provisional administration

By its Order No. OD-2519, dated 16 September 2014, the Bank of Russia revoked the banking licence from the Moscow-based credit institution open joint-stock company Joint-Stock Commercial Bank IntrustBank or OJSC JSCB IntrustBank (Registration No. 3144) from 16 September 2014.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, inability to meet the creditors’ claims on monetary liabilities and taking into account the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’. In this circumstances, pursuant to Article 20 of the Federal Law ‘On Banks and Banking Activities’, the Bank of Russia revoked the banking licence from OJSC JSCB IntrustBank.

Due to the loss of liquidity, OJSC JSCB IntrustBank failed to timely honour its liabilities to creditors. The rules of internal controls of the credit institution did not comply with Bank of Russia regulations. Besides, OJSC JSCB IntrustBank was involved in large-scale dubious cashless transactions. The management and owners of the bank did not take measures required to normalise its activities and recover its financial status.

By its Order No. OD-2520, dated 16 September 2014, the Bank of Russia has appointed a provisional administration to OJSC JSCB IntrustBank for the period until the appointment of a receiver pursuant to the Federal Law ‘On the Insolvency (Bankruptcy) of Credit Institutions’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.

OJSC JSCB IntrustBank is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ ‘On Insurance of Household Deposits with Russian Banks’ regarding the bank’s liabilities on household deposits determined in accordance with the legislation.

According to the financial statements, as of 1 September 2014, OJSC JSCB IntrustBank ranked 247^th by assets in the Russian banking system.

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