OREANDA-NEWS. By its Order No. OD-886, dated 24 April 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution joint-stock company Taurus Bank or JSC Taurus Bank (Registration No. 655).

The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the failure of JSC Taurus Bank to comply with federal banking laws and Bank of Russia regulations, and application of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

JSC Taurus Bank implemented high-risk lending policy, did not create loan loss provisions adequate to the risks assumed, and did not meet the supervisor's requirements on restricting certain banking operations. Besides, in 2014 and 2015 Q1 the credit institution was involved in dubious transit transactions and overseas money transfers in significant amounts. The management and owners of the bank did not take measures to normalise its activities.

By its Order No. OD-887, dated 24 April 2015, the Bank of Russia has appointed a provisional administration to JSC Taurus Bank for the period until the appointment of a receiver pursuant to the Federal Law 'On the Insolvency (Bankruptcy)' or a liquidator under Article 23.1 of the Federal Law 'On Banks and Banking Activities'. In accordance with federal laws, the powers of the credit institution's executive bodies are suspended.

JSC Taurus Bank is a member of the deposit insurance system. The revocation of banking licence is an insured event envisaged by Federal Law No. 177-FZ 'On Insurance of Household Deposits with Russian Banks' regarding the bank's obligations on deposits of households determined in accordance with the legislation.

According to the financial statements, as of 1 April 2015, JSC Taurus Bank ranked 436th by assets in the Russian banking system.