The Bank of Russia has cancelled effective November 18, 2016 a banking license held by National Pledge Bank (Registration No. 2944, the Moscow region (Dolgoprudny)), the regulator's press service reported.
Its decision to apply the last-resort measure the Bank of Russia explained by the lending institution's failure to fulfill federal banking laws and the Bank of Russia's statutory acts, the multiple violation during a year of the requirements provided for in Article 7 (except for Clause 3 of Article 7) of the Federal Law "On Counteracting Legalization (Laundering) of Criminal Income and the Financing of Terrorist Acts", and also of the requirements of the Bank of Russia's statutory acts that were issued in accordance with this federal law, and because the bank's capital adequacy ratio fell below 2%, and equity (capital) dropped below the minimum charter capital as established on the date of the lending institution's state registration, and given the multiple application during a year of the measures stipulated in the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
"Holding unsatisfactory quality assets, National Pledge Bank inadequately assessed accepted risks. Proper assessment of the credit risk and the objective reflection of the asset value in the bank's financial statement led to a full loss of its equity (capital)," said the press release.
Furthermore, the lending institution failed to comply with legislative requirements and the Bank of Russia's statutory acts aimed at counteracting legalization (laundering) of criminal income and the financing of terrorist acts as to provide reliable and quality information to authorized bodies. The bank's internal control regulations related to the efforts to forestall legalization (laundering) of criminal income and the financing of terrorist acts did not meet the requirements of the regulator's statutory acts.
National Pledge Bank is a member of the national deposit insurance system.
Effective November 11, 2016 the lending institution was cut off the Banking Electronic Speedy Payment (BESP) system.
In the Banki.ru rating National Pledge Bank ranks 357th in terms of assets (as of October 2016). The bank's credit portfolio exceeds Rub 1.3 bln, and the deposit portfolio is equal to Rub 1.7 bln.
