By Decree No. OD-2078 of October 8, 2021, the Bank of Russia revoked a banking license from the Moscow joint stock company United Reserve Bank (registration number 937; hereinafter United Reserve Bank). The credit institution was ranked 289th in terms of assets in the Russian banking system
The Bank of Russia made this decision in accordance with Sections 6 and 6.1 of Part 1 of Article 20 of the Federal Law “On Banks and Banking Operations” 2 on the basis of the facts that the United Reserve Bank:
Has violated Bundesbank laws and Bank of Russia regulations, which is why the regulator has repeatedly taken action against it over the past 12 months, including restrictions on household deposits;
Failed to comply with the Bank of Russia’s regulations on combating legalization (laundry) of criminally obtained income and terrorist financing.
United Reserve Bank focused on advancing the interests of its executives, owners and their affiliates, who made up a large portion of its loan portfolio. The share of poor quality loans in the outstanding debt of these companies was significant.
The Bank of Russia appointed United Reserve Bank to a provisional administration3 pending the appointment of a bankruptcy administrator4 or liquidator.5 Under federal law, the powers of the credit institution’s executive bodies have been suspended.
Information for depositors: 6 United Reserve Bank is a participant in the deposit insurance scheme; therefore, its depositors are compensated for their deposits in the amount of 100% of the balance, but not more than a total of 1.4 million rubles per depositor (including accrued interest), taking into account the conditions set out in chapter 2.1 of the Federal Law “On Insurance of Deposits at Russian banks ”.
The deposits are repaid by the state deposit insurance agency for corporations (hereinafter referred to as the agency). Depositors can obtain detailed information on the repayment procedure around the clock from the agency’s hotline (+7 800 200-08-05) and on its website (https://www.asv.org.ru/) in the Deposit Insurance / Insurance section Events .
1 According to the annual financial statements as of September 1, 2021.
2 The Bank of Russia took this action after the credit institution failed to comply with federal banking laws and the regulations of the Bank of Russia, and within a year of repeated violations of the regulations of the Bank of Russia issued under the Federal Law “On Combating Legalization” ( Money laundering) of criminally generated income and terrorist financing ”and multiple requests for measures under the Federal Law“ On the Central Bank of the Russian Federation (Bank of Russia) ”within one year.
3 According to Bank of Russia Order No. OD-2079 dated October 8, 2021.
4 In accordance with Articles 127 and 189.68 of the Federal Act “On Insolvency (Bankruptcy)”.
5 In accordance with Article 23.1 of the Federal Act on Banks and Banking Business.
6 Depositor is a citizen of the Russian Federation, a foreign citizen or a person without citizenship, including those who carry out an entrepreneurial activity, or a legal person named in Article 5.1 of the Federal Law “On Insuring Deposits in Russian Banks” who is a Bank has concluded a deposit / account agreement with a bank or one of the above persons, in whose favor the deposit was made and (or) the holders of a savings bond or holders of a special account (special deposit) to create and use the fund for capital repairs of communal property in an apartment building opened in accordance with the requirements of the Housing Act of the Russian Federation.
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Central Bank of the Russian Federation published this content on October 08, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on October 09, 2021 00:21:06 UTC.