RIA NOVOSTI. For the first time in history the Bank of Russia revoked the bank’s license for the violation during two months of requirements for participation in the deposit insurance system and for the presentation of unreliable financials to the regulator, director of the Russian Central Bank’s department for licensing and rehabilitation of lending institutions Mikhail Sukhov said, RIA Novosti reported. At issue is Udmurtia Pension Bank whose license was cancelled last week.

According to Sukhov, the regulator found the lender’s financial statements to be unreliable because of mirror promissory notes maintained on its balance sheet. Furthermore, missing assets were identified at the bank, “after which the license was cancelled”.

The banking license held by Udmurtia Pension Bank, a DIA member, was revoked by CBR on June 17. The amount of the responsibility on the part of the Deposit Insurance Agency (DIA) to the lender’s deposit holders, according to DIA general director Andrei Melnikov, is in excess of Rub 600 mln.