The Bank of Russia has cancelled a banking license held by Ogni Moskvy (Registration No. 2328, Moscow) as of May 16, 2014. Relevant information was posted on the regulator’s website.
This decision was taken as the bank failed to comply with federal laws regulating banking activities and the regulator’s statutory acts, and also due to the application of the measures provided for in the law on the Bank of Russia to the bank many times during the year. The regulator also pointed to the lender’s failure to meet monetary claims of creditors.
Based on the regulator’s data, the bank pursued a high-risk credit policy by investing the money in poor quality assets. Due to the unsatisfactory quality of the assets which generated no sufficient cash flows the bank failed to timely meet its obligations to creditors. The bank’s management and owners took no efficient actions to normalize its activities or restore its financial standing.
In accordance with the CBR’s order, a temporary administration was appointed for the bank until a bankruptcy receiver or a liquidator is appointed. The powers and authority of the bank’s executive bodies were suspended.
Ogni Moskvy is a member of the national deposit insurance system.
