Central Bank exposes $117mn-shortage in Yugra Bank's equity

Central Bank exposes $117mn-shortage in Yugra Bank's equity

Thus, the bank has lost its own funds, the regulator said in a statement.

According to the press release of the Central Bank of Russia, sent in response to TASS request, there is shortage of 7.04 billion rubles (117 million dollars) in Yugra Bank's equity, whose license has been revoked.

It is clarified that the 'hole' was found as a result of adjustments made by the temporary administration in the financial organization's accounting. This amount of negative capital actually means that the bank has lost its own funds. In addition, it was found that as of July 1, the volume of loans granted to borrowers related to business projects of bank owners accounted for almost 90% of the loan portfolio.

Final indicators will be published after the interim administration has completed its work.

To recall, on Friday, July 28, the Central Bank of Russia revoked the license of Yugra Bank. Earlier, the regulator had introduced temporary administration and a moratorium on payments to creditors of the financial institution.

 

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