OREANDA-NEWS. April 30, 2009. The State Corporation “Deposit Insurance Agency” (DIA) informed that in accordance with the Federal Law “On Additional Measures to Enhance Stability of the Banking System During the Period Ending 31 December 2011”, the Bank of Russia has issued an order instructing the Deposit Insurance Agency (DIA) to perform, effective 16 April 2009, the functions of temporary administration with respect to the management of the Closed Joint-Stock Company (ZAO) “The Bank of the Eastern European Finance Corporation — Siberia” ZAO “Bank VEFK-Siberia” (the City of Novosibirsk) for a period of six months, reported the press-centre of NOMOS-Bank.

A preliminary analysis of the “VEFK-Siberia” bank’s financial situation has shown that the amount of the bank’s own funds (capital) has a negative value. In this connection and in compliance with the provisions of the law, DIA plans to submit to the Bank of Russia a request to reduce the size of the “VEFK-Siberia” bank’s charter capital to 1 Rouble and to carry out the placement of an additional issue of the bank’s shares for a total amount of 800 million Roubles.

It is envisaged that OOO “Promgazkomplekt”, a subsidiary of OAO “NOMOS-Bank”, will acquire the additional issue of shares. DIA and NOMOS-Bank have had previous positive joint work experience in the area of problem banks sanation. In particular, NOMOS-Bank assumed the liabilities of commercial bank KB “Moscow Capital” (OOO) before physical persons (individual customers) under bank deposit and bank account agreements.

The Deposit Insurance Agency was established in January 2004 in accordance with the Federal Law of 23 December 2003 # 177-FZ “On Insuring Deposits of Physical Persons in the Banks of the Russian Federation”. The Agency’s main tasks are to ensure the functioning of the deposit insurance system and to carry out bankruptcy proceedings in the event of banks’ insolvency. On 27 October 2008, the Federal Law # 175-FZ “On Additional Measures to Enhance Stability of the Banking System for the Period Ending 31 December 2011” was adopted, under which the Agency was also conferred the functions related to financial sanation of banks.