The negative difference between assets and liabilities at Investment Union, whose license was revoked on June 19, 2015, totaled Rub 2.92 bln on this date, while the gap in Bank Azimut's balance sheet (its license was also canceled the same day) amounted to Rub 123.1 mln, results of a survey conducted by the Bank of Russia show.
Based on the regulator's calculations, on the license revocation date Investment Union's real assets equaled Rub 3.6 bln instead of Rub 6.63 bln as specified in its financial statement, while liabilities amounted to Rub 6.5 bln.
The Bank of Russia specified that the bank's net receivables, in fact, slightly exceeded Rub 2.6 bln, although the lending institution itself reported Rub 5.64 bln. Following additional accrual of provisions adequate to the credit risks the financial institution's net loss jumped nearly 6-fold to Rub 3.68 bln.
Bank Azimut, based on the Bank of Russia's estimates, overvalued its assets by more than 10 times, specifying their aggregate value of Rub 567.7 mln in its financial statement. The regulator calculated that the bank's liabilities total Rub 171 mln.
On the date of license revocation upon additional accrual of provisions against loans Bank Azimut reported a loss of Rub 479.2 mln instead of Rub 40 mln profit.
