Department external and public relations of Bank of Russia reports that the order of the Bank of Russia of 09.12.2009 № ML-776 revoked license to conduct banking transactions in a credit institution Stock Bank “Sir” (public company), AB Cyr (JSC), (Yakutsk).

license to conduct banking operations revoked for failure of AB “Sir” of federal laws regulating banking activities, and regulations of the Bank of Russia’s inability to meet creditors’ claims on monetary obligations, and given the repeated application of measures of supervision.

In connection with the loss of liquidity AB “Sir” (JSC) did not provide timely fulfillment of obligations to creditors and depositors. In addition, the credit organization conducted a risky credit policies are not set up adequate reserves for possible losses on loans and did not adhere to the rules of accounting. The bank did not fulfill the requirements of the Bank of Russia regulations.

In accordance with the order of Bank of Russia of 09.12.2009 № ML-777 in AB “Sir” (JSC) was appointed interim administration is valid until the appointment of the insolvency a liquidator. The powers of the executive bodies of the Bank in accordance with federal laws suspended.

AB “Sir” is a party to deposit insurance. Withdrawal of license to conduct banking operations is an insurance case, the Federal Law № 177-FZ “On insurance of individual deposits in banks Russia”.

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