16.11.2015, 23:18
Bank of Russia Revoked Licence from CB VITYAZ LLC
OREANDA-NEWS. By its Order No. OD-3184, dated 16 November 2015, the Bank of Russia revoked the banking licence from the Moscow-based credit institution COMMERCIAL BANK VITYAZ, limited liability company, or CB VITYAZ LLC (Registration No. 2890) from 16 November 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 federal banking laws and Bank of Russia regulations, capital adequacy below 2%, decrease in equity capital below the minimal amount of the authoruised capital established as of the date of the state registration of the credit institution, inability to meet creditors' claims on monetary obligations, and taking account of the repeated application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.
Due to the unsatisfactory quality of assets which failed to generate sufficient cash flows, CB VITYAZ LLC failed to timely honour its liabilities to creditors. Besides, as a result of asset revaluation the credit institution lost its equity capital.
The management and owners of CB VITYAZ LLC did not take measures to normalise its activities and recover its financial status. In these circumstances, pursuant to Article 20 of the Federal Law 'On Banks and Banking Activities', the Bank of Russia revoked the banking licence from CB VITYAZ LLC.
By its Order No. OD-3185, dated 16 November 2015, the Bank of Russia has appointed a provisional administration to CB VITYAZ LLC for the period until the appointment of a receiver pursuant to the Federal Law 'On 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.
CB VITYAZ LLC 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. This Federal Law provides for the payment of insurance indemnity to the bank's depositors, including individual entrepreneurs, in the amount of 100% of their balances but not exceeding the total of 1.4 million rubles per depositor.
According to the financial statements, as of 1 November 2015, CB VITYAZ LLC ranked 462nd by assets in the Russian banking system.
The Bank of Russia took such an extreme measure - revocation of the banking licence - because of the credit institution's failure to comply with federal banking laws and Bank of Russia regulations, capital adequacy below 2%, decrease in equity capital below the minimal amount of the authoruised capital established as of the date of the state registration of the credit institution, inability to meet creditors' claims on monetary obligations, and taking account of the repeated application over the past year of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.
Due to the unsatisfactory quality of assets which failed to generate sufficient cash flows, CB VITYAZ LLC failed to timely honour its liabilities to creditors. Besides, as a result of asset revaluation the credit institution lost its equity capital.
The management and owners of CB VITYAZ LLC did not take measures to normalise its activities and recover its financial status. In these circumstances, pursuant to Article 20 of the Federal Law 'On Banks and Banking Activities', the Bank of Russia revoked the banking licence from CB VITYAZ LLC.
By its Order No. OD-3185, dated 16 November 2015, the Bank of Russia has appointed a provisional administration to CB VITYAZ LLC for the period until the appointment of a receiver pursuant to the Federal Law 'On 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.
CB VITYAZ LLC 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. This Federal Law provides for the payment of insurance indemnity to the bank's depositors, including individual entrepreneurs, in the amount of 100% of their balances but not exceeding the total of 1.4 million rubles per depositor.
According to the financial statements, as of 1 November 2015, CB VITYAZ LLC ranked 462nd by assets in the Russian banking system.
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