DIA to pay out around 6.3 bln rubles to My Bank depositors
MOSCOW. Feb 11 (Interfax) - Russia's Deposit Insurance Agency (DIA) will begin paying some 17,000 My Bank (Moi Bank) depositors insurance payouts totaling around 6.3 billion rubles on February 12, the agency said in a press release.
According to the bank's liabilities registry, 211 entrepreneurs could ask the agency for around 11.4 million rubles in payouts.
The DIA will make the payouts to entrepreneurs, while VTB 24 will pay the remaining individuals. Depositors will receive insurance payouts of 100% of overall deposits in the bank up to 700,000 rubles.
The Central Bank revoked My Bank's license on January 31. The bank employed a high-risk lending policy in which loans that do not generate cash flow were issued.
Because the bank lost its liquidity, it could not fulfill its obligations to creditors and depositors on time.
My Bank was Russia's 185th largest bank by assets at the end of 2013, according to the Interfax-100 ranking, and 144th by size of total retail accounts and deposits held at the bank (9.59 billion rubles).