OREANDA-NEWS. By its Order No. OD-1723, dated 21 July 2015, the Bank of Russia revoked a banking licence from the credit institution Public Joint-Stock Company Time Bank or PJSC Time Bank (Registration No. 3120, the city of Moscow) from 21 July 2015.

The Bank of Russia took such an extreme measure - revocation of the banking licence - due to the credit institution's failure to comply with federal banking laws and Bank of Russia regulations and taking into account the application of measures envisaged by the Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)'.

PJSC Time Bank implemented high-risk lending policy and did not create loan loss provisions adequate to the risks assumed. The credit institution was involved in dubious transit transactions on overseas money transfers in significant amounts. The bank's internal control rules as regards countering the legalization (laundering) of criminally obtained incomes and the financing of terrorism did not comply with requirements of Bank of Russia regulations. Both management and owners of the credit institution did not take any effective measures to bring its activities back to normal.

By its Order No. OD-1724, dated 21 July 2015, the Bank of Russia has appointed a provisional administration to PJSC Time Bank for the period until the appointment of a receiver pursuant to the Federal Law 'On the 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.

PJSC Time-Bank is a member of the deposit insurance system. The revocation of the banking licence is an insured event as stipulated by Federal Law No. 177-FZ 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by legislation.

As of 1 July 2015, PJSC Time Bank was ranked 628th by assets in the Russian banking system.