OREANDA-NEWS. August 06, 2015. In the course of supervision over the activity of OJSC ROSSIYSKIY KREDIT BANK, the Bank of Russia revealed considerable unreliability of the bank’s statements presented to the Bank of Russia as they did not reflect its real financial standing due to inadequate assessment of accepted credit risks.

The presenting of reliable statements by OJSC ROSSIYSKIY KREDIT BANK would have resulted in grounds to revoke the bank’s licence pursuant to Clauses 1 and 2 of Part 2 of Article 20 of the Federal Law ‘On Banks and Banking Activities’.

The Bank of Russia demanded that OJSC ROSSIYSKIY KREDIT BANK create additional provisions for outstanding loans and present reliable statements, but the bank failed to meet these demands.

Thus, the bank’s management concealed from the supervisory authority the grounds set by Russian legislation for the obligatory revocation of its banking licence that bears the evidence of a criminal offence specified in Article 172.1 of the Criminal Code of the Russian Federation.

By its Order No. OD-1774, dated 24 July 2015, the Bank of Russia revoked the banking licence from OJSC ROSSIYSKIY KREDIT BANK from 24 July 2015.

The Bank of Russia has submitted the information on the activity of the management of OJSC ROSSIYSKIY KREDIT BANK bearing the evidence of a criminal offence to the Investigation Committee of the Russian Federation for consideration and procedural decision making.