The Central Bank appointed a temporary administration to the Bank of the...

The Central Bank appointed a temporary administration to the Bank of the ROC

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Photo: Oleg Yakovlev/RBC

The Bank “Peresvet”, the main shareholder is the Russian Orthodox Church (ROC), appointed a temporary administration for a period of six months and imposed a moratorium on satisfaction of creditors ‘ claims, said the Central Bank

The Bank of Russia appointed from October 21, temporary administration in the Bank “Peresvet”, reported on Friday on the website of the regulator. The report notes that the interim administration, which will aim to study the financial position of the Bank imposed in connection with satisfaction of claims of creditors on monetary obligations in the terms exceeding seven days since the date of their satisfaction.

For the duration of the provisional administration powers of Executive bodies of the Bank suspended, a moratorium on satisfaction of creditors ‘ claims, said the Central Bank.

The moratorium is insured, payments to depositors will be carried out in the manner specified by the Agency on insurance of contributions (ASV), and will begin no later than 14 days from the date of introduction of the moratorium.

On 18 October it became known that “Peresvet” has restricted the issuance of deposits to customers. The representative of the press service of the Bank told RBC that the credit institution has no problems with liquidity and the increased demand for cash withdrawals that is observed in “Peresvet”, associated with the emergence of media reports about the disappearance of the Chairman of the Board of Bank Alexander Shvets.

About the disappearance of a banker October 14, reported the TV channel “Rain” with reference to sources. “Peresvet” then released an official statement which explained that Sweden is in Moscow, but is undergoing treatment and, therefore, cannot exercise their powers. Central Bank in turn said that the absence of the Chairman of the Board of the Bank for valid reasons is not a cause for concern.

On 19 October the international rating Agency Fitch put the ratings of “Peresvet”, including long-term Issuer default rating (now Bank has a rating at the level B+), on CreditWatch with negative implications. This is due to increased pressure on the liquidity of the Bank in connection with the outflow of deposits and the repayment of interbank loans, explained the Agency.

On 20 October, the Agency Standard & Poor’s Global Ratings downgraded the credit rating on liabilities in national and foreign currencies “Peresvet” In+/In-to CCC-and put the Bank’s ratings on CreditWatch with negative implications. The reason for this was the introduction of the Bank of restrictions on cash withdrawals, followed by press release Agency.

ROC owns more than 49% of the “Peresvet”, another 24% are owned by the chamber of Commerce (CCI). According to the report, the company on September 30, the Bank assets amounted to 198,4 billion (41st place on the market), the share of deposits in liabilities was 11.3 percent. In September the volume of deposits in the Bank decreased by 764 million rubles.