Effective June 16, 2008 the Central Bank of Russia revoked a banking license from Partnerbank (settlement Baltay, Saratov region, registration number 1992), the PR department of the Bank of Russia reported. The license was cancelled due to the lending institution’s failure to comply with the federal laws that regulate banking activities and also CBR statutory acts, the identification of cases when the bank submitted substantially unreliable information and also taking into account the numerous application during the year of the measures that are provided for by the Federal Law «On the Central Bank of the Russian Federation».
Partnerbank failed to adhere to the accounting rules, inadequately assessed the risks under active operations and took insufficient measures to form relevant reserves, and also concealed a loss of liquidity, which resulted in the submission of considerably unreliable reports to CBR. The lending institution also broke the procedure for forming mandatory reserves with the Bank of Russia. What’s more, Partnerbank failed to make timely payments under client accounts. Based on the central bank’s conclusion, the bank’s activities showed a real threat to its creditors and depositors.
Partnerbank is a member of the national deposit insurance system. The cancellation of the lender’s banking license is an accident insured, as provided for by the Federal Law «On Insuring Private Deposits Held with Banks in the Russian Federation».
Along with the license revocation order CBR appointed a temporary administration at the bank effective June 16, 2008 until the arbitration court hands down a ruling to declare the lending institution bankrupt and initiate bankruptcy proceedings (approve a receiver) or until the court’s ruling appointing a liquidator takes force.
