MKB recognized as a stress-resistant bank

The credit rating agency has alarmed the payment system of the Moscow Credit Bank.
25.09.2018
Kommersant
Origin source
The failure in the servicing of natural persons, which occurred in the Moscow Credit Bank (IBC), questioned the level of the bank's creditworthiness. Rating Agency "Expert RA" decided to establish the status "under supervision" by rating of the credit organization in order to assess the impact of the IT-failure on the business reputation and financial performance of the bank. The ICD itself assures us that the working capacity of all systems has almost been restored, and financial indicators have not suffered because of the incident - the outflow of citizens' funds, contrary to expectations, did not happen.

"Expert RA" on Friday established the status of "under supervision" on the credit rating of the IBC because of the implementation of operational risk - a technical malfunction that led to problems with serving the population for several days. The bank continues to have a relatively high ruA- rating, but the agency may change its outlook on it or lower the rating, depending on how this problem affects the bank's business reputation and key financial indicators. The rating agency ACRA also oversees the development of the situation with the ICD, but does not yet see the reasons for the rating change.

Moscow Credit Bank is the seventh in the Russian banking system with assets of almost 2 trillion rubles. According to the bank's statements as of August 1, the legal entity keeps 676.6 billion rubles in it, the population - another 344.4 billion rubles. The main shareholder of the bank is the concern "Rossium" Roman Avdeev.

According to three Kommersant sources, problems with servicing individuals, as the bank assures, are technical, not financial. They are connected with the heterogeneous IT-architecture of the bank and occurred during the update of products from Oracle and, according to some interlocutors, the company Diasoft, according to others - "Quorum" *. During three days the Bank experienced problems with servicing individuals (the problem did not affect legal entities), including with the return of deposits. The main problems were eliminated, but the work of the Internet bank remained unstable from Thursday. On Sunday, the press service of the ICD clarified to Kommersant that the bank continued to test updates affecting the operation of the Internet bank, and also to install new ones. The speed of operations returns to the previous values.

At the same time, the credit organization was assured that the realized operational risk had almost no effect on the bank's financial stability. During three days of failure, the bank opened deposits in the amount of about 70% of the usual (before the failure) daily values. There was no massive outflow of clients' funds, the head of the IBC, Vladimir Chubar, told Kommersant. "I can honestly say that I expected the worst - an unstable situation, and the situation turned out to be manageable," Mr. Chubar said. "It was a good stress test, which we ourselves arranged in real life."

Investors, it seems, also did not react to the problems of the bank. The value of shares fluctuated all these days within the norm. Moreover, the price of securities has even grown and approached record values ​​(last week the share price rose from 4.96 to 5.1 rubles). However, the shares could be bought by people close to the bank, in particular, the independent director, member of the supervisory board of the bank, Lord Peter Dursberi, increased his share. Bonds mostly reacted with only a small decrease. The exception was low-liquid subordinated Eurobonds maturing in 2027, which traded on Friday at a record low of 79% of the nominal (before the failure - 91% of the nominal).

Even if the clients doubted that the problems are technical, not financial, they could hardly have taken out a significant part of the funds from the bank, believes Alor Broker analyst Alexei Antonov. "Firstly, there are probably not many natural persons in the bank who opened deposits worth more than the insured state," explains Mr. Antonov. "Secondly, the ICD is one of the systemically important banks, everyone understands that even if there is something with the bank the Central Bank will support it, as it happened recently with other major banks that were in the Fund for the Consolidation of the Banking Sector. That is, license revocation can not be feared. "

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