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THE CENTRAL BANK AND THE NATIONAL SETTLEMENT DEPOSITORY AGAINST EUROCLEAR BANKRUPTCY

... support the bankruptcy of the European depository Euroclear in court. According to Interfax, the Bank of Russia believes that Euroclear has no signs of insolvency according to the criterion of insufficient funds. According to the representative of the Central Bank, the transfer of funds held in special accounts to the bankruptcy estate would violate presidential decrees. The representative of the National Settlement Depository supported the Central Bank and stated that money and securities cannot be included in the bankruptcy estate, since all ownership is carried ...

THE CENTRAL BANK FILED A BANKRUPTCY LAWSUIT AGAINST THE MOSCOW BANK GARANT-INVEST

... limit established by law. Garant-Invest, which was on the 168th position in terms of assets among Russian banks, has now gone into liquidation. After submitting the application to the court, the fate of the bank will depend on its consideration. If the Central Bank's claim is satisfied, bankruptcy proceedings will begin. This case was the sixth revocation of a license from banks in 2024. The situation with Garant-Invest underscores the need for strict control over banks' compliance with regulations and legislation in order to avoid ...

THE CENTRAL BANK PROPOSED TO CHANGE THE STRUCTURE OF THE MICROFINANCE MARKET

The central bank has proposed to change the structure of the microfinance market. The reform is proposed to be carried out in the next three years. According to the press service of the Bank of Russia, today one of the main problems of the sphere is low ...

THE CENTRAL BANK REVOKED THE LICENSE FROM AVTOGRADBANK

Avtogradbank Joint Stock Company lost the permission of the regulator to conduct banking operations. The reason for the actions of the Central Bank of the Russian Federation in relation to a credit institution from Tatarstan was the discovered violations of banking legislation and by-laws adopted by the Bank of Russia. According to the press service of the Central Bank of the Russian ...

THE CENTRAL BANK: COMPANIES HAVE INCREASED DEMAND FOR LOANS

Last month, the demand for loans from legal entities increased, the banking sector portfolio grew by 1.8% in March, the Bank of Russia said. The central bank also clarified that loans were taken mainly by oil and gas, transport and construction organizations. One of the reasons for the increase in demand is the need to pay large taxes, such as income tax and additional income tax for 2023, VAT ...

THE CENTRAL BANK CHECKS THE AUDITOR OF "KIWI BANK" - THE COMPANY KEPT

The Bank of Russia drew attention to the company Kept, which was engaged in the audit of Kiwi Bank. The Central Bank wants to find out how much the organization was aware of the risky operations of the credit institution and how it reacted to them. This audit became the first serious precedent when the Central Bank evaluates how the auditor took into account ...

THE CENTRAL BANK ALLOWED SOVCOMBANK TO BUY HOME BANK

The Bank of Russia has given Sovcombank permission to acquire Home Bank. Earlier, the deal was also approved by the Federal Antimonopoly Service (FAS). "Home Bank will be consolidated in the international financial reporting standards of Sovcombank for the 1st quarter of 2024, which the Bank plans to publish in May 2024. At the same time, technically, the transaction will be closed after registration of an additional issue to pay for the purchase of a Home Bank," the press service of Sovcombank...

THE CENTRAL BANK INTENDS TO TIGHTEN ITS APPROACH TO CREDIT RISKS

The Bank of Russia is going to join the fight against unfair credit risk management, when financial institutions transfer debt from problem borrowers to third parties to conceal real risks. The Central Bank has published on its website a draft amendment to Regulation No. 590-P, which defines the procedure for the formation of reserves for theoretical loan losses. The draft amendments suggest that loan servicing cannot be considered appropriate ...

Bankruptcy moratorium for individuals will remain in force

The authorities did not support the initiative of the Central Bank to suspend the effects of the bankruptcy moratorium on individuals. Despite the banking lobby, the Cabinet of Ministers considered the idea unpopular. At the same time, the ministers made a decision to support the selective reforms of the current version of moratorium. As Interfax ...

Central Bank of Russia demands to liquidate Proinvestbank

... class action lawsuit was filed with the court by the founders, creditors and top managers of Proinvestbank - they accused the Central Bank of inaction. As for the reason for their dissatisfaction, it is reported that the application for the liquidation ... ... should have been submitted 3 weeks ago, when the court approved the decision on the legality of revoking the bank's license. Bankruptcy proceedings against Proinvestbank have already been introduced. A temporary administration was appointed in the bank,...

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