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

... register has more than 4.3 thousand depositors, including about 300 legal entities. All of them will be able to receive payments within the insurance 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 STATE DUMA ASKS TO FINALIZE AMENDMENTS TO ACCELERATE THE SALE OF ASSETS OF BANKRUPT BANKS

... Duma Committee on Property Issues has prepared a positive opinion on amendments on the possibility of applying compensation in bankruptcy of financial organizations to repay claims of the first stage. However, the bill needs to be finalized, the ministry ... ... Duma. As noted in the Committee on Property Issues, the bill will help to accelerate the completion of the sale of assets of bankrupt credit institutions and satisfy creditors' claims as much as possible. The Committee asked to specify in the bill the ...

THE STATE DUMA SUPPORTED THE PROJECT ON EXPANDING THE POWERS OF THE DIA TO CLEAN UP THE BALANCE SHEETS OF BANKRUPT BANKS

The State Duma Committee on the Financial Market has supported the bill (N538767-8), which allows the use of compensation for repayment of claims of the first stage in case of bankruptcy of banks. These include debts to the Deposit Insurance Agency (DIA). As explained in the committee, the initiative will contribute to improving the effectiveness of measures taken by the agency to achieve the goals of bankruptcy proceedings. Recall that ...

BANKS HAVE RAISED CREDIT CARD RATES

The largest Russian banks have increased their credit card rates. In a number of credit institutions, credit card rates have exceeded 50%. According to Rossiyskaya Gazeta, the increase in percentage points applies to new bank contracts. So, in VTB, the interest rate on ...

BANKS HAVE INTRODUCED A NEW COMMISSION FOR MORTGAGES

Since October, Russian credit institutions have been introducing a new commission – about 6.5% of the loan amount - on mortgages under market programs. The fee will apply to housing developers or borrowers themselves. The new mortgage commission will affect transactions for the purchase of primary and secondary housing, as well as private homes. It already operates in VTB, Sberbank and Alfa-Bank, Kommersant reports. As experts explain, such a fee is a necessary measure. Earlier, the Bank of Russia...

MBANK HAS SUSPENDED TRANSFERS THROUGH RUSSIAN BANKS

... Payments are not available in both directions. According to RBC, transfers have been suspended, including for Sberbank, T-Bank and MTS Bank. Incoming payments will be made through credit institutions that are not under sanctions. In total, 21 commercial banks and more than 300 of their branches operate in Kyrgyzstan today.

RUSNANO REPAID DEBTS TO BANKS

Rusnano paid 80% of the accumulated debt to creditor banks ahead of schedule. The company was able to repay the debt due to the sale of part of the asset portfolio. The discount ... ... amounted to more than 12 billion rubles per year. At the same time, the Russian company has repeatedly stated the risks of signs of bankruptcy if it does not receive additional financing for settlements with banks. So, in 4 years (from 2016 to 2020), Rusnano ...

ANOTHER FORMER TOP MANAGER OF THE SOVETSKY BANK WAS DECLARED BANKRUPT

The arbitration in St. Petersburg considered the issue of insolvency of Pavel Izyumov, a former top manager of Sovetsky Bank. The initiator of the litigation was the Deposit Insurance Agency (DIA), which was entrusted with the functions of bankruptcy management. As a result, the court allowed the bankruptcy to proceed to the stage of property sale. The ex-banker's debt is 919 million rubles. Another top manager of the bankrupt bank, Lyudmila Dyachuk, was declared bankrupt by the court on February 27, 2024. The arbitration introduced a procedure for the sale of its debt in the amount of more than 748 million rubles. Sovetsky lost its license from the Central Bank of ...

UAE BANKS CLOSE RUSSIAN ACCOUNTS

Major credit organizations of the United Arab Emirates (UAE) have limited settlements with the Russian Federation, fearing secondary sanctions. Banks are actively closing accounts for organizations and individuals. To date, UAE banks do not accept funds and do not make payments in the opposite direction, Vedomosti writes. In addition, they close accounts for enterprises owned by citizens of ...

BANKS OBJECT TO THE DRAFT LAW BANNING FLOATING RATES

... will lead to losses for credit institutions. In addition, as Kommersant writes, the council does not agree with the requirement to notify about a change in the payment schedule 15 days in advance. The organization believes that it will be difficult for banks to fulfill such requirements. In return, it is proposed to notify within five days after the start of the modified rate. Photo: Freepik

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