The Bank of Russia from 21 October appointed a temporary administration for a period of six months in the ROC controlled the Bank “Peresvet”. As transfers “Interfax”, temporary administration imposed in connection with satisfaction of claims of creditors on monetary obligations in the terms exceeding seven days since the date of their satisfaction.
For the period of activity of the provisional administration powers of Executive bodies of the Bank “Peresvet” is suspended. In addition, the CBR has imposed a moratorium on satisfaction of creditors ‘ claims.
Temporary administration primarily deal with the examination of the financial situation of the credit institution. The introduction of the moratorium on satisfaction of requirements of creditors of the Bank is insured. Payments to depositors “Peresvet”, including individual entrepreneurs, to start no later than 14 days from the date of the moratorium. The order of payment of insurance compensation will be determined by the Agency on insurance of contributions.
The Central Bank also said it began consultation with the largest shareholders and creditors of the Bank “Peresvet” to “determine the future prospects of the activities of credit organizations”.
Note, the Bank “Peresvet” last summer in the prospectus of the placement of subordinated loan participation notes (LPN) on the Irish stock exchange called a unique “quasi-sovereign” entity with a “specific niche of customers and significant competitive advantages”. The reputation of the major shareholders – the Russian Orthodox Church and CCI, as stated in the prospectus, helps the growth of the customer base and “serves as the main tool to attract new customers” of the Bank. In addition, the “Persuit” stated that the shareholders are interested in its development and, if necessary, will provide the capital injection and will provide assistance. About it, and then wrote the newspaper “Vedomosti”.
Monday, we will remind, the Bank has limited the issuance of money to clients by the amount of 100 thousand rubles, or 1.5 thousand dollars. The press service of “overexposure” denied the existence of problems with money, stating that the restriction on withdrawal of deposits may be withdrawn on next week.
In addition to the depositors, in the “Peresvet” crush counterparties in the interbank market requiring repayment of loans.
It became known yesterday that “Peresvet” failed to place bonds of series BO-04 with a total nominal value of 2 billion rubles. Placement of securities at nominal value took place from 14 to 19 October, the investors had not purchased any bonds.
In addition, the international rating Agency Standard & Poor’s Global Ratings on Thursday lowered the long-term credit ratings on liabilities in national and foreign currencies of the Bank “Peresvet” to “CCC-” from “B+/B”. Long-term national scale rating was downgraded to “ruCCC -‘ from ‘ ruA+”. All ratings were placed on review for possible decline (credit watch Negative), which reflects the likelihood of rapid deterioration of the situation in the Bank.
A day earlier, Fitch ratings raised the Bank’s rating on “review” in connection with pressure on liquidity and uncertainty with the change of leadership.
Earlier in the media appeared information that the Chairman of the Bank “Peresvet” Alexander Shvets has gone missing and his whereabouts are unknown for several days. Later, the Bank denied information about the alleged missing top-Manager. The press service said that Shvets is on treatment, and the duties of the head of the Bank shall be temporarily performed by the Vice-President Pavel Panasenko.
Attention to the “closest distance” was drawn in the first days of October, when the newspaper “Vedomosti” wrote that the rating Agency Fitch suspects the Bank in lending to affiliated companies without real assets. It was emphasized that analysts came to this conclusion based on indirect findings, which are not sufficient to formally consider borrowers ‘ affiliates.
In the Bank at an alarming media reports then said a statement that Fitch used in its Analytics legacy data the financial statements of the borrowers. In addition, the “Peresvet” has published very important information about the results of its operations for the first nine months of 2016.
Credit institution with the official name of “joint stock commercial Bank for assistance of charity and spiritual development of Motherland Peresvet (closed joint stock company)” occupies 41st place by assets in the Russian banking system. Bank services and loans to government agencies, commercial enterprises, small and medium businesses and infrastructure projects secured by revenue from government contracts.
According to statements of the Bank, its loan portfolio is dominated by enterprises with state participation and companies, a significant proportion of the business which have contracts with the different regions or Federal agencies.
According to the latest data, the largest shareholder of the Bank (share of 36.5%) is a religious organization, “Financial and economic management of the Russian Orthodox Church (Moscow Patriarchate)”. The second largest shareholder (24.4 percent) is JSC “Expocentre”, belonging to the chamber of Commerce of Russia.
Another 13.2% of the shares of the Bank are OOO “Promotion”, which is 100% owned by ROC. Another company of the same name, owned by the head of the Bank Alexander Shvets, controls another 12.4%. The citizens of Russia Victor Litvjakov and Lydia makeevoy owns 5% and 4.5%, respectively. “OOO “Vnukovo-invest” owns 1.7 percent of the Bank, another 2.4% of the shares are in the hands of minority shareholders.