OREANDA-NEWS. The Public Relations Center of the State Corporation “Deposit Insurance Agency” (DIA) hereby informs that payouts to insured depositors of the Commercial bank “Master-Bank” (OJSC) start on December 4, 2013.

The Bank of Russia on November 20, 2013 revoked the banking license of this bank (Order ОD-919 dated 20.11.2013). This license revocation is an insured event in accordance with the Federal law “On insurance of household deposits in banks of the Russian Federation”. Thus, all insured depositors of the Master-Bank, which is the mandatory deposit insurance system's member (#307 in the register of the DIS member banks), are authorized to receive deposit insurance payments based on their deposits/accounts with this credit organization. The above mentioned law entrusted the DIA with the responsibility to act in the capacity of the insurer and reimburse insured depositors in case of the insured event occurrence.

The compensation is paid out to the depositor in the amount equal to 100 percent of the total of balances of all his/her deposits/accounts with the bank but not more than 700 thousand rubles in total. Deposits/accounts in foreign currencies are reimbursed in rubles at the exchange rate that was effective at the day of the banking license revocation, which is November 20, 2013. If the bank has counterclaims to the depositor their total amount is deducted from the total amount of the depositor's deposits/accounts when the compensation amount is calculated. But these counterclaims are not discharged. Non-reimbursed deposits/amounts will be paid out in the course of liquidation of the bank out of the proceeds recovered from its assets - as first priority creditor claims - on the pro rata basis.

According to the register of deposit liabilities of the Master-Bank that the DIA has received, the total amount of covered deposits is about 31.2 billion rubles and the number of insured depositors is about 144.5 thousand including in Moscow and Moscow region - 27.4 billion rubles (108.5 thousand depositors), in Saint-Petersburg - 1.2 billion rubles (6.2 thousand depositors). The deposit insurance payouts will be made in 10 regions of the Russian Federation

Acceptance of application for the compensation together with other necessary documents as well as payment of deposit insurance to insured depositors start on December 4, 2013 and will last till December 4, 2014. The OJSC Sberbank of Russia and the VTB 24 (CJSC) will act as agent banks on behalf of DIA and at its expense. After December 4, 2014 deposit insurance will be paid out either through the agent banks or by the DIA itself - the Agency will inform the depositors about this later on.

If after receiving compensation some part of the deposit/account will remain non-reimbursed, such a depositor will be able to draw and file his/her claim against the bank as the bank's creditor in the offices of the agent banks immediately after receiving deposit insurance payments.

We draw your attention that a specific agent bank is authorized to make payments only to the designated group of depositors depending on the first letter of their family names.

The OJSC Sberbank of Russia accepts applications from and pays compensation to depositors with family names starting from A to Л (Russian letters) and to all foreign insured depositors (letters from A to Z). The VTB 24 (OJSC) accepts applications from and pays compensation to depositors whose family names start from M to Я (Russian letters).

Insured depositors of the Master-Bank can receive compensation payments in any office of its assigned agent bank. For example, only in Moscow and Moscow region the total number of offices of the agent banks that will pay compensation to insured depositors of the Master-Bank is about 600. Taking into account the substantial number of depositors that can apply for the compensation, the DIA calls on depositors of the Master-Bank to remain calm and not to rush to receive compensation in the very first days of payouts because in accordance with the Federal law payment of deposit insurance will continue till the completion of the bank liquidation which typically lasts for two years.