OREANDA-NEWS. On 12 August 2015, the Bank of Russia approved plans for participation of the state corporation Deposit Insurance Agency (hereinafter, the Agency) in bankruptcy prevention of JSC JSCB EXPRESS-VOLGA (Registration No. 3085), OJSC VUZ Bank (Registration No. 1557), OJSC CB Poidem! (Registration No. 2534) and OJSC Gasenergobank (Registration No. 3252).

Participation plans and approved amendments to the plan for participation of the Agency in bankruptcy prevention of OJSC CB Solidarnost (Registration No. 554) provide for appointing the Agency to perform the functions of the provisional administration of the banks from 12 August 2015 in compliance with Federal Law No.127-FZ, dated 26 October 2002, 'On Insolvency (Bankruptcy)'.

The powers of shareholders connected with their participation in the authorised capital, and the powers of the executive bodies are suspended for the period of activity of the provisional administration.

According to the participation plans the Agency shall provide funds out of the Bank of Russia loan to maintain the banks' liquidity in the amount sufficient to ensure their uninterrupted operations and timely settlements with creditors. To ensure the banks' liquidity PJSC JSCB ROSSIYSKY CAPITAL will be involved to carry out transactions aimed at maintaining the banks' liquidity out of funds provided by the Agency.

The primary task of the provisional administrations is to hold an inspection of financial standing of the banks. After the Agency completes the assessment of the banks' financial standing, including determining the real value of assets and liabilities and adjusting the banks' authorised capital to the real value (to one ruble in case of negative value), the Agency will hold a tender to select investors for performing bankruptcy prevention measures in banks, including their capitalisation.