OREANDA-NEWS. By its Order No. OD-137, dated 21 January 2016, the Bank of Russia revoked the banking licence from the Omsk-based credit institution joint-stock company Miraf-Bank or JSC Miraf-Bank (Registration No. 2244) from 21 January 2016.

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, revealed facts of considerable unreliability of the reporting data, repeated violations within a year of the requirements of Articles 6 and 7 (except for Clause 3 of Article 7) of the Federal Law 'On Countering the Legalisation (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism', inability to meet the creditors' claims on monetary obligations, and application of supervisory measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

JSC Miraf-Bank placed funds into low-quality assets and failed to create provisions adequate to the risks assumed. Due to the unsatisfactory quality of assets which failed to generate sufficient cash flows, the credit institution failed to timely meet its obligations to creditors.

At the same time, the bank presented to the supervisor considerably unreliable statements which concealed reasons for the revocation of the banking licence. Besides, JSC Miraf-Bank did not comply with the requirements of the legislation on anti-money laundering and the financing of terrorism in terms of timely notification of the authorised body about operations subject to obligatory control.

The management and owners of the bank did not take measures to normalise its activities. 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 JSC Miraf-Bank.

By its Order No. OD-138, dated 21 January 2016, the Bank of Russia has appointed a provisional administration to JSC Miraf-Bank 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.

JSC Miraf-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. 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 January 2016, JSC Miraf-Bank ranked 358th by assets in the Russian banking system.