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Deposit Insurance Agency to pay about RUR30 billion to Master Bank clients

November 20, 2013, 13:15 UTC+3 MOSCOW
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MOSCOW, November 20. /ITAR-TASS/. Russia's Deposit Insurance Agency's (ASV) liability to Master Bank depositors is estimated at some 30 billion rubles, ACV Deputy Director General Andrei Melnikov told Itar-Tass on Wednesday.

Melnikov said "the sum of payment from the insurance fund is large but not critical."

Earlier on Wednesday, the CBR moved to recall the license citing Master Bank's large-scale suspicious operations and the failure to abide by the federal laws on banking and combating money laundering and terrorism.

"The revocation of the license is pursuant to the CBR's policy to remove from the market of banking services the loan institutions involved in illegal activates, violating banking legislation, distorting information about their financial position and creating a real threat to the depositors and creditors' interests," the regulator said in a press release.

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