The Bank of Russia and the Deposit Insurance Agency (DIA) said they finalized the measures to rehabilitate Nizhegorodpromstroybank, the PR department of the Central Bank of the Russian Federation and DIA said in a joint press release.
“In line with Article 6 of the Federal Law “On Additional Measures to be Taken to Strengthen Stability of the Banking System for the Period until December 31, 2011” the Bank of Russia approved on November 17, 2008 a schedule for DIA’s participation in the program aimed at restoring financial stability of Nizhegorodpromstroybank that was carried out by the agency in cooperation with the investor (Sarovbusinessbank)," said the press release.
In December 2009 DIA prepared and submitted to the Bank of Russia a report on the completed measures to rehabilitate the lender, according to which all procedures provided by the plan of action had been fulfilled. The lender fully stabilized operations, has a sustainable development trend, generates profit and carries on business as usual, fulfilling all prudential operating ratios. “The measures taken made it possible to eliminate reasons for measures to be taken to prevent the lender’s bankruptcy. The money provided by the Bank of Russia to the Deposit Insurance Agency (DIA) to rehabilitate the bank was paid back in full," CBR and DIA noted in the press release.
Starting January 1, 2010 Nizhegorodpromstroybank carries on business as usual.
