Banking licenses held by TNGIBank (Tomsk) and Bank Mineralovodsky (Stavropol region, Mineralnye Vody) were revoked, the Bank of Russia’s PR department reported.
The regulator took this decision as on January 1, 2010 the lending institutions failed to raise equity capitals to the level required by Article 11.2.5 of the Federal Law “On Banks and Banking Activities” (Rub 90 mln). Furthermore, TNGIBank was incapable of meeting monetary claims of its creditors, did not execute federal laws regulating banking activity and CBR statutory acts. Measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” were numerously applied to the lender during the year. The lending institution pursued a high-risk lending policy and did not adhere to mandatory reserve ratios, the Bank of Russia noted. Due to the loss of liquidity TNGIBank failed to make timely settlements on client accounts. Bank Mineralovodsky did not apply to the Bank of Russia seeking permission to change its corporate status to a non-banking lending institution.
Temporary administration teams were appointed for these lenders until the receiver is appointed in accordance with the Federal Law “On Insolvency (Bankruptcy) of Lending Institutions” or until the appointment of the liquidator in compliance with Article 23.1 of the Federal Law “On Banks and Banking Activities”. In accordance with the federal laws the powers and authority of the lending institutions’ executive bodies were suspended.
