The Bank of Russia, by its order, revoked a license for banking operations from the Kazan bank Spurt, a press service of the regulator said on Friday, July 21.

The Central Bank noted that the credit institution had an unsatisfactory quality of assets and at the same time inadequately assessed the risks assumed. Conducted on the orders of the Agency for Deposit Insurance (DIA), a survey of the financial situation of the bank and an objective assessment of the value of assets in its accounts led to a complete loss of "Spur" own funds. According to the Central Bank, the current situation was the result of a low diversification of the credit organization's assets. "A significant part of the Spurt bank's loan portfolio was aimed at financing a major investment project of enterprises controlled by the beneficiary of the bank, whose financial position is currently assessed as critical," the material notes.

The Bank of Russia has repeatedly applied measures of supervisory response against Spurt Bank. But the bank's management and owners did not take any effective actions aimed at normalizing its activities.

The Central Bank acknowledged the implementation of the financial recovery procedure with the involvement of the DIA and the bank's creditors economically impractical due to the extremely poor quality of assets, the magnitude of the imbalance between the value of assets and liabilities and the inability of the credit institution to ensure the fulfillment of creditor claims in the future.

On the orders of the Bank of Russia, a temporary administration was assigned to Spurt Bank. Powers of executive bodies of the credit organization in accordance with federal laws are suspended.

Bank Spurt is a participant in the deposit insurance system. According to the financial statements, by assets as of July 1, 2017, it held 183 place in the banking system of Russia.

At the end of April, the Central Bank introduced a temporary administration to the bank - DIA for a period of six months to take control of the bank's financial situation, which deteriorated due to "a significant outflow of funds from clients of legal entities and individuals, provoked including information attacks through social networks" . On April 28, the regulator imposed a moratorium on the satisfaction of the creditors of JSCB "Spurt" for a period of three months.

Bank Spurt was established in December 1992 to work with small and medium-sized businesses. Among the main shareholders of the bank are the European Bank for Reconstruction and Development (28.25%) and the Tatar company Gas Market (19.84%).