OREANDA-NEWS. August 18, 2011. The state corporation "Deposit Insurance Agency" (Agency) reports about the completion of the financial rehabilitation of the Kaluzhsky Gas and Energy Joint Stock bank "Gazenergobank" (open joint stock company), reg. № 3252.

Under Article 6 of the Federal Law "On additional measures to improve the stability of the banking system in the period up to December 31, 2011", on 06.11.2008 the Bank of Russia approved the plan of the Agency’s participation in the financial rehabilitation of Gazenergobank, which was implemented by the Agency together with Probusinessbank, acting as the investor.

With a view of implementing measures of the financial rehabilitation, the Agency provided the investor with the financial assistance in the form of a RUR 2.5 billion loan for 5 years against collateral in the form of the bank’s property.

In association with the Agency, the Investor developed a financial rehabilitation plan for the financial rehabilitation of Gazenergobank. Under this plan, the solvency of Gazenergobank was restored in a very short time to meet all liabilities to the bank’s clients.

Measures, aimed at the financial rehabilitation of the bank, led to changes in the bank’s organizational structure. The bank’s risk management system was reorganized in accordance with standards of the Financial Group Life, headed by Probusinessbank.

Rehabilitation and further development of Gazenergobank as a modern credit institution came as the result of these rehabilitation measures. The bank continues to provide high quality service standards and a wide range of banking products and services. 

The bank complies with all requirements of the Bank of Russia. As of the last reporting date (01.07.2011), the bank’s equity, calculated in accordance with the Bank of Russia Statement dated 10.02.2003 № 215-П "Statement on the methodology for calculating the equity (capital) of credit organizations" is equal to RUR 941 million, while the H1 norm is 13,9%; the bank’s pre-tax profit, earned in 6 months of 2011, is equal to RUR 143 million.

In June 2011 the Agency prepared the report on the completion of measures, focused on preventing the bank’s bankruptcy, and submitted it to the Bank of Russia. In accordance with this report, all steps, envisaged by the plan, were taken. These steps allowed to eliminate any grounds for taking any measures, focused on preventing the bank’s bankruptcy. 

On 06.07.2011 this report was reviewed by the Banking Supervision Committee of the Bank of Russia and taken into consideration.