The Central Bank revoked the license of the Moscow

Moscow, 31 Jan – “News.Economy.” The Bank of Russia from January 31 revoked the license of the Moscow “Apobank” (Agrarnyi profsoyuzniy joint-stock commercial Bank), the message of the regulator.

Photo: RIA “Novosti”.

the value of the assets of the credit organization took the 369th place in the banking system of the Russian Federation. The Bank is not included in the Deposit insurance system.

the Bank of Russia took this decision based on what is Apabank:

– reduced the amount of necessary to the formation of reserves, and overstated the value of the property to improve financial performance and concealment of its actual financial situation. Reflected in the financial statements credit risk and fair value recorded on the balance sheet of the estate at the request of the Bank of Russia showed a reduction (40%) of the capital of a credit institution that is a real threat to the interests of its creditors;

– violated Federal laws regulating Bank activity, and statutory acts of Bank of Russia, in connection with which the regulator in the last 12 months has repeatedly applied the measures.

More than 70% of the credit portfolio of “Apobank” presented by troubled loans. The Bank of Russia repeatedly sent to the credit institution regulations with the requirements on an adequate assessment of risks taken and the reporting of its real financial position. Compliance with the requirements of the Supervisory authority led to the emergence of grounds for implementation of measures on prevention of insolvency (bankruptcy), which created real threat to interests of its creditors.

the Bank of Russia revoked the license of “Apobank” to carry out professional activities on the securities market.

the Bank appointed a temporary administration of the Bank of Russia, which will act until the appointment of a bankruptcy Trustee or liquidator. The powers of the Executivex bodies of the credit institution in accordance with the Federal laws are suspended. Text: News.Economy