The Deposit Insurance Agency (DIA) found a gap in Master Banks balance sheet that equals Rub 17.21 bln, DIAs attorney said during a hearing held to consider a lawsuit to declare the lending institution bankrupt, a Banki.ru correspondent reported.
In line with the lending institutions financial statement, at the time when the banks license was revoked obligations to retail clients were in excess of Rub 47 bln. DIA should pay over Rub 30 bln of insurance compensation to the banks deposit holders.
The results of the regulators preliminary inspection showed that at the time when Master-Banks license was cancelled there was a gap of Rub 4.48 bln in the banks balance sheet, the regulators attorney said at the hearing. But an inspection conducted by the temporary administration team showed that the gap in the lenders balance sheet is much bigger.
“An additional inspection, which was conducted by the temporary administration team, revealed additional circumstances and facts showing that the value of the banks assets is lesser than what the initial inspection showed," the DIA attorney claimed, adding the figure, which the Bank of Russia found out, namely Rub 4.48 bln, after the additional inspection presently equals Rub 17.21 bln.
According to the state-run corporations attorney, the difference between the value of Master-Banks assets and obligations increased because large corporate borrowers and Russian households ceased to fulfill their obligations. “Given additional formed provisions this amount would equal Rub 17.21 bln," the DIA attorney said.
He also noted that claims laid by the banks clients total Rub 19.96 bln. “Claims for a total of Rub 1.76 bln were determined. At present, in accordance with the Federal Law 177-FZ claims for roughly Rub 16 bln cannot be satisfied," DIA reported.