OREANDA-NEWS. By its Order No. OD-3103, dated 10 November 2015, Bank of Russia revoked the banking licence from the Moscow-based credit institution Non-Bank Credit Institution Tor Credit, limited liability company, or NCI Tor Credit LLC (Registration No. 3497-D) from 10 November 2015.

Bank of Russia took such an extreme measure - revocation of the banking licence - because of decrease in equity capital below the minimum amount of the authorised capital established as of the date of the state registration of the credit institution.

NCI Tor Credit LLC implemented high-risk lending policy connected with placement of funds into low-quality assets. Meeting the supervisor's requirements on creating provisions adequate to the risks assumed by the credit institution resulted in a loss of significant part of its equity capital.

The management and owners of the credit institution did not take measures to normalise its activities. Under these circumstances, Bank of Russia performed its duty on the revocation of the banking licence from the credit institution in accordance with Article 20 of the Federal Law 'On Banks and Banking Activities'.

By its Order No. OD-3104, dated 10 November 2015, Bank of Russia has appointed a provisional administration to NCI Tor Credit 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.

According to the financial statements, as of 1 November 2015, NCI Tor Credit LLC ranked 757th by assets in the Russian banking system.