The Central Bank of Russia has revoked as of April 26, 2016 a banking license held by Moscow-based Interactive Bank (Registration No. 3378), the regulator's press service reported.
The Bank of Russia explained its decision to take the last-resort measure because the lending institution failed to fulfill federal banking laws and also CBR's statutory acts, and measures provided for in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" were taken given a real threat to the interests of its creditors and deposit holders.
Interactive Bank pursued a high-risk credit policy, investing funds in weak quality assets. The proper assessment of the credit risk and reliable reflection of the bank's asset value provided the lending institution with reasons to take actions to prevent its insolvency (bankruptcy). Meanwhile, the lending institution was involved in suspicious operations, including transit ones," the regulator reported.
Interactive Bank is a member of the national deposit insurance system.
Last week Interactive Bank suspended bank card operations. People wrote in the Banki.ru People's Rating that the bank introduced the procedure of preliminary orders for those willing to take back deposits. Previously the lending institution's customers encountered payment problems. The bank explained them as unplanned technical procedures.
According to Interactive Bank's 1Q financial statement, high-liquidity assets slumped 50% in January-March 2016 to Rub 326.7 mln as of April 1 (or 11% of total assets vs. 23.7% as of January 1). At the same time, during the period under consideration the bank bumped up inter-bank loans by 1,258% to Rub 108.6 mln, and also bond purchases by 286% to Rub 360.6 mln, while total assets came to Rub 3 bln.
The primary source of funding Interactive Bank's active operations is retail deposits that slightly topped Rub 2 bln as of the latest balance sheet date (up 8.7% YTD). Meanwhile, the bank's capital (under Form 123) slid 42.1% to Rub 474.6 mln in January-March 2016.
