Results of inspection of financial standing of PIR Bank held by provisional administration

The provisional administration to manage the credit institution Bank of Industrial and Investment Settlements Limited Liability Company, or PIR Bank (further referred to as the Bank), appointed by Bank of Russia Order No. OD-2647, dated 12 October 2018, following its banking licence revocation, in the course of examination of the Bank’s financial standing has revealed operations towards siphoning-off of assets to a total of at least 3.2 billion rubles, by replacing highly liquid assets with illiquid securities as well by selling them.

According to the provisional administration’s estimate, the Bank’s assets do not exceed 451.2 million rubles, whereas liabilities to its creditors amount to 2.4 billion rubles.

These developments resulted in the Arbitration Court of the City of Moscow recognising the Bank as insolvent on 12 December 2018. The Deposit Insurance Agency State Corporation was appointed as receiver.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision-making.

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