OREANDA-NEWS. By its Order No. OD-3414, dated 5 October 2016, the Bank of Russia revoked a banking licence of the Moscow-based credit institution Commercial Bank IMoneyBank, limited liability company, or LLC CB IMoneyBank (Registration No. 1975) from 5 October 2016.

The Bank of Russia took such an extreme measure — revocation of the banking licence — due to the credit institution’s failure to comply with the federal banking laws and the Bank of Russia regulations, equity capital adequacy ratios below two per cent, decrease in bank equity capital below the minimum value of the authorised capital established as of the date of the state registration of the credit institution, considering repeated application within a year of measures envisaged by the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.

LLC CB IMoneyBank placed funds in low-quality assets and inadequately assessed risks assumed. Creation of required provisions gave rise to a full loss of equity capital. Management and owners of the credit institution did not take efficient measures to bring its activities back to normal. Under these circumstances, the Bank of Russia performed its duty on the revocation of the banking licence from the credit institution in accordance with Article 20 of the Federal Law ‘On Banks and Banking Activities’.

According to reporting data, as of 1 September 2016, LLC CB IMoneyBank ranked 150th in terms of assets in the Russian banking system.