Central Bank finds $127m shortfall in Moscow branch of Krylovsky Bank

Central Bank finds $127m shortfall in Moscow branch of Krylovsky Bank

According to the estimates of the interim administration, the value of the bank’s assets does not exceed 700 million rubles.

In the Moscow branch of the Krylovsky Bank, the license of which had previously been revoked, a shortfall of 7.3 billion rubles ($127m) was found. This was reported by the press service of the Bank of Russia.

According to the Central Bank, the shortfall was discovered during an audit conducted by the bank’s interim administration.

"According to the interim administration, the value of the bank's assets does not exceed 700 million rubles, whereas the value of its liabilities to creditors amounts to 8.7 billion rubles", noted the Central Bank in its message.

It is to be recalled that prior to the revocation of the license from the Krylovsky Bank, its management deposited about 6 billion rubles to the balance of the credit institution and drafted all the necessary documents.

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