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Russia’s Central Bank revokes license from Moscow bank Stroycredit

March 18, 2014, 9:47 UTC+3 MOSCOW
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MOSCOW, March 18. /ITAR-TASS/. The Central Bank of Russia (CBR) has revoked a license for banking transactions from Moscow commercial bank Stroycredit, a member of deposit insurance system, the financial regulator stated on Tuesday.

The CBR has taken the decision over failure of the lending organization to fulfil federal laws regulating banking activity and CBR’s regulatory acts and exposing of false accounting information.

According to CBR’s probe, commercial bank Stroycredit has pursued a highly risky crediting policy and has not formed reserves adequate to its risks against possible losses due to credit indebtedness and other assets. The lending organization has made massive contributions in unit investment fund which were being kept account of at the much more overstated price. Meanwhile, Stroycredit did not fulfil requirements in the instructions of the supervisory agency to reflect real financial situation in accounting documentation. In this regard, the bank’s accounting documentation produced in the CBR was found false.

Chief executives and owners of the crediting organization did not take efficient measures to improve its activity.

Provisional administration was appointed in commercial bank Stroycredit until a receiver is named. Powers of executive authorities of the lending organization were suspended according to federal laws.

As for amount of assets, commercial bank Stroycredit is ranked 180th in Russian banking system since March 1, 2014.

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