Economics-Bank's banking licence cancelled
By its Order No. OD-3127, dated 6 December 2018, effective from 6 December 2018, the Bank of Russia cancelled the banking licence of the Moscow-based credit institution Economics-Bank LTD (Registration No. 2136), further also referred to as the credit institution.
The Bank of Russia cancelled the credit institution’s banking licence based on Article 23 of the Federal Law ’On Banks and Banking Activities’ following the decision of the credit institution’s authorised body to terminate its activity through liquidation according to Article 61 of the Civil Code of the Russian Federation and the submission of the respective application to the Bank of Russia.
Based on the reporting data provided to the Bank of Russia, the credit institution’s assets are sufficient to satisfy creditors’ claims.
In compliance with Article 62 of the Civil Code of the Russian Federation and Article 57 of the Federal Law ’On Limited Liability Companies’, a liquidation commission will be appointed to Economics-Bank LTD.
Economics-Bank LTD is a member of the deposit insurance system. The cancellation of a banking licence is an insured event as stipulated by Federal Law ‘On the Insurance of Household Deposits with Russian Banks’ in respect of the bank’s retail deposit obligations, as defined by law. The said Federal Law provides for the payment of indemnities to the bank’s depositors, including individual entrepreneurs, in the amount of 100% of the balance of funds but no more than a total of 1.4 million rubles per depositor.
According to financial statements, as of 1 November 2018 Economics-Bank LTD ranked 424th by assets in the Russian banking system.
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