The Deposit Insurance Agency (DIA) found a gap in Master Bank’s balance sheet that equals Rub 17.21 bln, DIA’s attorney said during a hearing held to consider a lawsuit to declare the lending institution bankrupt, a Banki.ru correspondent reported.
In line with the lending institution’s financial statement, at the time when the bank’s license was revoked obligations to retail clients were in excess of Rub 47 bln. DIA should pay over Rub 30 bln of insurance compensation to the bank’s deposit holders.
The results of the regulator’s preliminary inspection showed that at the time when Master-Bank’s license was cancelled there was a gap of Rub 4.48 bln in the bank’s balance sheet, the regulator’s attorney said at the hearing. But an inspection conducted by the temporary administration team showed that the gap in the lender’s balance sheet is much bigger.
“An additional inspection, which was conducted by the temporary administration team, revealed additional circumstances and facts showing that the value of the bank’s assets is lesser than what the initial inspection showed," the DIA attorney claimed, adding the figure, which the Bank of Russia found out, namely Rub 4.48 bln, after the additional inspection presently equals Rub 17.21 bln.
According to the state-run corporation’s attorney, the difference between the value of Master-Bank’s assets and obligations increased because large corporate borrowers and Russian households ceased to fulfill their obligations. “Given additional formed provisions this amount would equal Rub 17.21 bln," the DIA attorney said.
He also noted that claims laid by the bank’s clients total Rub 19.96 bln. “Claims for a total of Rub 1.76 bln were determined. At present, in accordance with the Federal Law 177-FZ claims for roughly Rub 16 bln cannot be satisfied," DIA reported.
