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iMoneyBank has been left without a license

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iMoneyBank has been left without a license

iMoneyBank has been left without a license
October 05
09:00 2016

On 5 October the Central Bank of Russia has withdrawn the license for banking operations from the Moscow Commercial Bank “iMoneyBank”. It is said in the official statement of the regulator.

In particular, it states: “In conditions of the funds placement in the assets of poor quality, “iMoneyBank ” inadequately evaluated the risks taken in connection with this. The creation of additional reserves in required volumes has led to the total loss of own funds. “

The Central Bank notes that the management and bank’s owners have done nothing to normalize the activity of the credit organization. The bank is being currently run by a temporary administration until the appointment of an insolvency representative or a liquidator.

iMoneyBank participates in the deposit insurance system.

The Deposit Insurance Agency claims that any investor or an individual entrepreneur of  iMoneyBank can receive the insurance compensation within a specified time. The compensation must be paid in the amount of 100% of the sum of all their bank deposits, taking into account the opened deposits for carrying out entrepreneurial activities. However, the sum cannot exceed 1.4 million rubles in total. The volumes of funds, which aren’t compensated by the insurance, will be paid in the process of the bank liquidation.

The beginning of payments is scheduled for no later than 19 October of the current year. But at first, the agency will name a place, time, form and order of the application receipt for payment of compensation on deposits. According to the preliminary plan, the agent banks for payments will pass the competitive selection no later than 11 October.

As previously reported, shareholders of “iMoneyBank” were going to solve the question regarding the liquidation of the bank and the petition to the Central Bank about the cancellation or the license withdrawal. The issue will be discussed at the unscheduled meeting on 19 October.

According to the Central Bank of Russia, as of September 1, 2016 “iMoneyBank” was on the 150 th place in the Russian banking system in terms of assets.

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