OREANDA-NEWS. By its Order No. OD-1885, dated 17 June 2016, the Bank of Russia revoked the banking licence from the Moscow-based credit institution joint-stock company Commercial Bank INTERREGIONAL BANK OF RECONSTRUCTION or JSC CB MBR-Bank (Registration No. 2620) from 17 June 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — because of the credit institution’s failure to comply with federal banking laws and Bank of Russia regulations, decrease in equity capital for three consecutive months below the minimal amount of the authoruised capital established by Part 7 of Article 11.2 of the Federal Law ‘On Banks and Banking Activity’, given the bank’s failure to file a request to the Bank of Russia for changing its status into that of non-bank credit institution, and given the repeated application over the past year of supervisory measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ .

By its Order No. OD-1886, dated 17 June 2016, the Bank of Russia has appointed a provisional administration to JSC CB MBR-Bank for the period until the appointment of a receiver pursuant to the Federal Law ‘On Insolvency (Bankruptcy)’ or a liquidator under Article 23.1 of the Federal Law ‘On Banks and Banking Activities’. In accordance with federal laws, the powers of the credit institution’s executive bodies are suspended.

According to the financial statements, as of 1 June 2016, JSC CB MBR-Bank ranked 600th by assets in the Russian banking system.