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Funds deficit in Makhachkala’s Imbank exceeds 90 million rubles

January 20, 2014, 13:10 UTC+3 MAKHACHKALA
In 2013, the Bank of Russia revoked licenses from Dagestan’s six banks
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MAKHACHKALA, January 20. /ITAR-TASS/. The funds deficit revealed in Makhachkala’s Imbank (Dagestan) exceeds 90 million rubles (about 2.7 million dollars), Dagestan’s National Bank reports on Monday.

The source said the bank had not allowed inspection of Dagestan’s National Bank.

On January 20, the Bank of Russia revoked a license from Makhachkala’s Imbank.

Currently, the bank’s chartered capital is 200 million rubles (about six million dollars). Out of the bank’s 240 shareholders, 233 own under one percent of the chartered capital each, the remaining seven shareholders - over one percent each.

Itar-Tass has reported earlier on Monday the Bank of Russia had made an extreme decision to revoke the bank’s license due to Imbank’s failure to comply with the federal laws regulating banking activities.

“The Bank of Russia has revealed shortage of a big amount of cash in the bank.” The bank did not follow the central bank’s requirements to have adequate reserves and filed to the Bank of Russia the reports, where it did not reveal the information, which could have initiated necessary measures to prevent the bankruptcy, the regulator says. Imbank was involved in doubtful operations. “The bank’s managers or owners did not undertake measures to correct the activities. Under these circumstances, the Bank of Russia has made a decision to revoke the bank’s licence for operations.”

The central bank has appointed temporary administration until appointment of a receiver or liquidator. In Russia’s banking system rating, Imbank took the 808th line.

In 2013, the Bank of Russia revoked licenses from Dagestan’s six banks.

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