By Order # OD-814 the Bank of Russia has cancelled starting December 24, 2009 the banking license held by Mega Bank (Tyumen), the PR department of the Bank of Russia reported.
CBR decided to strip the lender of its license due to the non-fulfillment of federal laws regulating banking activities and CBR statutory acts, and the bank’s failure to meet monetary claims of creditors, and also taking into account the application of supervisory measures on numerous occasions. Due to the loss of liquidity the lender failed to timely fulfill its obligations to creditors or deposit holders. Furthermore, the lending institution did not comply with accounting regulations and violated mandatory ratios and reserves.
A temporary administration commenced operations at the bank until a bankruptcy manager or a liquidator is appointed. In accordance with federal laws the powers and authority of the lending institution’s executive bodies were suspended. For the record, Mega Bank is a member of the national deposit insurance system. The revocation of a banking license is an accident insured as provided for by Federal Law #177-FZ “On Insuring Household Deposits Held with Banks of the Russian Federation”.
