The presidium of the Supreme Arbitration Court held its first ever hearings into the Central Bank’s refusal to include a bank in the deposit insurance system. The Supreme Court found in favour of the Central Bank, recognizing the supervisory body’s right to evaluate a bank’s operations and make judgment on the basis of in-house regulations and methodology. The court in question is the RUSSIAN BANK OF BUSINESS COOPERATION, which the Central Bank did not include in the deposit insurance system. The RBBC is the first and only bank that has successfully challenged the CBR refusal in arbitration courts of three instances. The CBR, however, refused to include the RBBC in the insurance system and filed a complaint at the Supreme Arbitration Court. Vladislav Reznik, chairman of the State Duma banking committee, called the RBBC case special. According to Reznik, the case reached the Supreme Arbitration Court presidium only because the bank did not engage in transactions subject to mandatory control by ROSFINMONITORING and the CBR could not invoke its usual method — cancelling the license for violating anti-laundering law.
Source: WWW.KOMMERSANT.RU, June 20, 2007
