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Agency for deposits’ insurance starts paying clients of banks whose licenses were revoked

December 13, 2013, 12:50 UTC+3 MOSCOW
The indemnity is payable to every client in the amount of maximum 700,000 rubles ($21,297)
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© ITAR-TASS/Sergei Shakhidzhanyan

MOSCOW, December 13. /ITAR-TASS/. Russia’s state-run Agency for deposits’ insurance will begin paying money to clients of Investbank, Smolensky bank, and Project Finance Bank no later than on December 27, the agency reported on Friday.

The authority reports about the insured events on December 13, 2013 at Investbank, Smolensky bank, and Project Finance Bank, whose licenses the Central Bank revoked on Friday.

The banks are participants in the system of obligatory insurance of deposits, where every client has a right to receive without delay the indemnity, regulated by the federal legislation.

The indemnity is payable to every client, in the amount of maximum 700,000 rubles ($21,297). The money in excess of the indemnity may be payable over a bank’s liquidation.

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