Central Bank revokes license from Defense Industrial Bank
Monday, 26 September 2016 00:09

Russia’s Central Bank revoked license for banking transactions from the Defense Industrial Bank (VPB, Voenno-Promyshlenny bank), a member of the Deposit Insurance System, the regulator reported on Sept. 26.

According to the bank’s financial reports, as of Sept. 1, 2016, it occupied 89th place in terms of assets in the Russian banking system.

According to the Central Bank, amid unsatisfactory quality of assets, VPB Bank, founded in1994, was not adequate in its estimates of assumed risks. A proper credit risk assessment and non-biased estimation of assets’ valuation in the financial reports of the credit organization caused a total loss of its own funds (capital).

Also, the lender did not follow the requirements of legislation in the area of money laundering and financing terrorism regarding timely provision of information to competent authorities, the regulator said.

Starting Sept. 16, 2016 the Bank of Russia conferred the functions of the bank’s temporary administration on the Deposit Insurance Agency (a state operator for deposit compensation payouts) for a six-month period. The key aim of the temporary administration was to explore VPB’s financial state, however, it faced considerable difficulties due to the acts of the bank’s top management, which failed to provide legal documents on the assets of the credit organization.

In accordance with the Central Bank’s order, the temporary administration has been set for Defense Industrial Bank until there is the bankruptcy supervisor or the receiver. The authority of the bank’s executive bodies has been suspended.

Source: TASS

2017After the U.S. attack on Syria: 3 possible scenarios

Russian experts propose three possible scenarios for U.S.-Russian relations in Syria after the U.S. missile strike on Syrian President Bashar Assad's troops.Scenario 1. Armed conflict between Russia and the U.S.Russian experts do not exclude the poss [ ... ]

2012Greek debt talks deadlocked as lenders demand new wage cuts

A proposal by the debt-stricken country to cut spending by €2bn has been rejected by 'troika' of creditorsNegotiations aimed at unlocking fresh rescue funds for Greece appeared to have hit deadlock on Monday after international lenders rejected € [ ... ]

2012Hungary set to ban slot machines

1 October 2012 Last updated at 17:18 GMT The government wants to curb gambling habits among HungariansHungary's government has announced a ban on slot machines in pubs and cafes in an effort to clamp down on gambling. New laws p [ ... ]


source: http://www.rusbg.com/en/central-bank-revokes-license-from-defense-industrial-bank.html


Classified Ads

Classified Ads