The PR department of the Bank of Russia reported it cancelled a banking license held by Bank of Long-Term Lending (Moscow).
“The Bank of Russia decided to apply the last resort — to cancel a banking license — due to the non-fulfillment by the lender of the federal laws regulating banking activities and CBR statutory acts, identified instances when materially misstated reports were submitted and also taking into account the application of measures stipulated by the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” during the year on numerous occasions," the regulator emphasized in a statement.
The PR Department of the Bank of Russia noted that the bank provided CBR with materially misstated financial reports, did not fulfill requirements specified in the regulator’s order to perform reliable assessment of its assets and to form adequate reserves against possible losses. “The lending institution’s management and shareholders took no efficient measures to solve the problem," CBR added.
A temporary administration team commenced operations at the bank until a bankruptcy manager or a liquidator is appointed. The powers and authority of the bank’s executive bodies were suspended.
