The Bank of Russia on 16 November 2016 revoked the license for banking transactions from Moscow commercial Bank “Express-credit”, reports the press service of the Central Bank.

According to the Bank statements of the Central Bank, by total assets “Express-credit” of 1 November 2016 303 took place in the banking system of the Russian Federation.

The decision is accepted in connection with default by the credit organisation of the Federal laws regulating Bank activity, and statutory acts of Bank of Russia, the value of adequacy of own funds (capital) below 2%, decrease in the size of own means (capital) below the minimum capital specified at the date of the state registration of the credit organization, given the repeated application within one year of measures envisaged by the law on the Central Bank of the Russian Federation.

With a poor quality assets “Express-credit”, as follows from the statement of the regulator, inadequately assessed in connection with these risks. Proper assessment of credit risk by the supervisor’s request revealed the complete loss of own means (capital) of the Bank. In addition, the credit institution was involved in dubious transactions.

“Express-credit” – the participant of system of insurance of contributions provides payment of insurance compensation to depositors of the Bank, including individual entrepreneurs, in the amount of 100% of the remaining balance, but not more than 1,4 million rubles in aggregate per depositor.

The Agency on insurance of contributions (ASV) has informed that the payment of insurance compensation to depositors of the Moscow commercial Bank “Express-credit”, which the Bank of Russia today revoked the license, will begin no later than November 30, 2016.

For operational reception of statements of citizens and the fastest payments of compensation on deposits DIA intends to use the agent banks that will be selected on a competitive basis no later than November 22, 2016.

The application for payout of insurance indemnity, the investors may apply for the entire period of liquidation of the Bank.

In the past year, “Express-credit” has filed a lawsuit against the owners of one of sites of Runet, where it was called “Laundry” and associated with withdrawal abroad 7 billion. The Bank was required to pay him 100 million rubles, but the court did not consider this damage to its business reputation.

CBR revoked the license of capital Bank from the fourth hundred 18.11.2016

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