OREANDA-NEWS. By its Order No. OD-1039, dated 13 May 2015, the Bank of Russia revoked the banking licence from the Yekaterinburg-based credit institution Plato-bank, limited liability company, or Plato-bank LLC (registration No. 2071, the city of Yekaterinburg), from 13 May 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's failure to comply with the federal banking laws and Bank of Russia regulations, application of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)', and also taking into account the bank's failure to reach as of 1 January 2015 the minimal amount of own funds (capital) set by Part 7 of Article 112 of the Federal Law 'On Banks and Banking Activity' and to apply to the Bank of Russia to change its status to a non-bank credit institution.

While fulfilling a requirement of the supervisory authority to present authentic financial statements to reflect a real financial standing of the credit institution the Plato-bank LLC failed as of 1 January 2015 to reach the minimal amount of its own funds (capital) set by Part 7 of Article 112 of the Federal Law 'On Banks and Banking Activity' (300 million rubles). Under these circumstances and in accordance with Article 20 of the Federal Law 'On Banks and Banking Activity' the Bank of Russia fulfilled its duty to revoke a banking licence from Plato-bank LLC.

In accordance with Bank of Russia Order No. OD-1040, dated 13 May 2015, a provisional administration has been appointed in Plato-bank LLC 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.

Plato-bank LLC is a participant of the deposit insurance system. The revocation of a 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 legislation.

According to the financial statements, as of 1 April 2015, Plato-bank LLC ranked 593rd by assets in the Russian banking system.