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Situation in Russia's Tatarstan banking sector under control — Central Bank

March 03, 21:43 UTC+3

The Bank of Russia revoked licenses from Tatarstan’s Tatfondbank, Intechbank and Ankor Bank from March 3

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MOSCOW, March 3. /TASS/. Current situation in the banking sector of the Russian region of Tatarstan is under control, First Deputy Chairman of the Central Bank Dmitry Tulin told reporters on Friday.

"We thoroughly analyzed the situation and used all channels, including information attacks against Ak Bars [Bank] and Internet transmittals. [We] came to the conclusion that attacks were highly probably the sign of unfair competition. The situation in the banking sector of Tatarstan is generally under control," Tulin said.

The Bank of Russia revoked licenses from Tatarstan’s Tatfondbank, Intechbank and Ankor Bank from March 3. According to reporting statements, Tatfondbank was one of the largest banks in the region, ranked 42nd in the Russian banking system. All the banks are participants of the deposits insurance system.

Tatfondbank will unlikely repay 1.4 bln rubles ($24 mln) received from the Russian Finance Ministry in January 2016 within the additional capitalization program framework, Junior Vice President of Moody's rating agency Mariya Malyukova told TASS on Friday.

"Tatfondbank received 1.4 bln rubles as a subordinated debt accounted for the Tier Two capital. Considering that the capital serves exactly to absorb losses, the probability of repayment is minimal for these funds," she said. At the same time, specific conditions of support provision should be considered, Malyukova said.

Furthermore, holders of Tatfondbank bonds worth 17 bln rubles ($290.9 mln) may demand repayment of funds "within the framework of bankruptcy laws according to their priority after introduction of a bankruptcy manager," she added.

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