On 26 November the
Central Bank of Russia (CBR) revoked the license of the bank Derbent-Kredit and
appointed an interim administration during the period of bankruptcy proceedings. Derbent-Kredit (ОАО АКЗБ “Дербент-Кредит”), a
community land bank located in Derbent in the Republic of Dagestan in the
Northern Caucasus, on 1 November 2012 had total assets of 292,220,000 RUB (€
7.2 mln). The bank had been continuously
struggling to turn a profit since at least 2008, and the Central Bank reported
that a recent inspection had revealed that the bank had entirely run through its
own capital. As of 1 November the bank’s
total deposits stood at 2,186,000 RUB (€ 53,900), consisting primarily of demand deposits to
businesses and non-resident individuals, while total loans were 242,000 RUB (€
5,970), and as a result the bank’s ratio of net commission income to net
interest income (NCI/NII – ЧКД/ЧПД) had skyrocketed, equalling 944.5% during the
first nine months of 2012.
Because
Derbent-Kredit was a member of the national deposit insurance system, on the
same day as the CBR action the Deposit Insurance Agency (Агентство по
страхованию вкладов - АСВ) announced that it had recognized an insured event in
the case of Derbent-Kredit, and that it would begin preparations for payouts to
depositors, with payments due to begin no later than 10 December.
Sources:
CBR – Notice of
license revocation: Об
отзыве лицензии на осуществление банковских операций и назначении временной
администрации (2012-11-26)
CBR – Notice of
appointment of interim administration: О
назначении временной администрации (2012-11-26)
CBR – Data page for
Derbent-Kredit: ОАО АКЗБ
"ДЕРБЕНТ-КРЕДИТ"
АСВ – Notice of insured
event: О наступлении страхового
случая в отношении ОАО АКЗБ «ДЕРБЕНТ-КРЕДИТ» (2012-11-26)
Mark Pleas
[contact]
