The collapse of Yugra: license revokation or turnaround

The DIA introduced a temporary administration in the bank.
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In the 30th place on the Russian market, the bank "Yugra" introduced a temporary administration. Such a decision the regulator took in connection with the existence of a threat to the interests of the creditors and depositors of the bank. The interim administration should conduct a survey of the financial situation of the bank and decide whether there is any reason for its salvation. A weighty argument in favor of sanitation is the colossal amount of deposits - more than 180 billion rubles: banks with the same amount of population's funds have not yet been revoked. In the case of sanation, it is possible that Yugra will be the first bank on which the Central Bank will test its own rescue mechanism - through a consolidation fund. In the Central Bank itself it was stated that Ugra had been closely monitored for more than a year, but despite the shareholders' assurances about the intention to support the bank with capital, they did not comply with any of the Central Bank's instructions.

Today, by a decision of the Central Bank, a temporary administration was introduced by the decision of the Central Bank in the person of the Deposit Insurance Agency (DIA) with simultaneous introduction of a moratorium on meeting the claims of the bank's creditors. The regulator made this decision in connection with the unsustainable financial situation and the existence of a threat to the interests of its creditors and depositors. The interim administration was introduced for a period of six months, and a moratorium will last for three months. For depositors-individuals and IP, this is an insurance event - they can claim compensation from the DIA within 1.4 million rubles.

For the period of the temporary administration, the powers of shareholders related to participation in the authorized capital, as well as the powers of the management bodies of the bank, are suspended. The primary task of the interim administration is to conduct a survey of the financial situation of the bank. Despite the wording of the tasks of the provisional administration, the results of its introduction are, as a rule, two: a revocation of the license, since salvation is inexpedient, or sanitation. Formally, there remains the third option - stabilization and return of the bank to the owners, but this is the rare exception to the rules.

Later, the Central Bank commented on its decision. According to the deputy chairman of the Central Bank Vasily Pozdyshev, "Yugra" since April 2016 was on the restriction on accepting deposits (we recall that at that time the bank began a joint inspection of the Central Bank and the DIA). The results of the audit were ready by July, and then, according to the head of the banking supervision department of the Central Bank Anna Orlenko, work began with the owner of the bank on the implementation of the assistance plan.

For 12 months, the bank received ten orders for the formation of reserves for possible losses on loans to "tens of billions of rubles," explained today in the Central Bank, but executed them due to the dissolution of reserves for other loans.

Simultaneously, the shareholders, as it were, carried out large-scale injections into the bank's capital (28 billion rubles in 2016), but the Central Bank has reason to believe that these funds were received by the shareholders in the form of loans in Ugra itself.

The basis for radical intervention in the situation, according to the leadership of the Central Bank, was a combination of several reasons. As explained Vasily Pozdyshev, the Central Bank had reason to believe that the reporting provided by the bank has signs of unreliability. In addition, there were signs of manipulation with deposits and withdrawal of assets from the bank. The Central Bank does not specify which manipulations with the deposits took place. However, it was reported that the bank was seen using the scheme to circumvent the restrictions on accepting the deposit by issuing shares to its investors in the amount of 1.88 billion rubles. (According to this scheme, in due time circumambulated the order of the Central Bank Mosoblbank, which became the record holder for the volume of off-balance deposits - about 70 billion rubles).

According to, as of June 1, 2017, the bank's net assets - 322.32 billion rubles (30th place in Russia), liabilities to the population - 181.30 billion. It is the volume of deposits that can become decisive in the fate of "Ugra" : There has been no payment of such a volume of compensation and a deposit insurance fund by one bank. And now is not the best time to introduce this practice. Thus, the most realistic way out now seems to be sanation, and, most likely, already within the framework of the new mechanism - through the Central Bank consolidation fund.

To "Ugra" questions from the regulator have been accumulating for a long time.

The requirement for transparency of the bank's structure from the Central Bank was raised as early as 2014, after which the bank announced plans for capitalization, which lasted two years.

In January 2016, Alexei Khotin officially appeared among the shareholders of the bank, who all these years on the market was called the real owner of the bank. However, directly to Mr. Khotin belongs to the bank only 0.48% of the shares, and the controlling shareholder is controlled by Radamant Financial. At the end of June, it became known that the FAS coordinated the request of Radamant Financial for the creation of JSC "Direct Investments" by paying its charter capital with shares of Yugra Bank. As a result, "Direct investments" will control 86.83% of the voting shares of Yugra Bank. According to "SPARK-Interfax", the head of "Direct Investments" is the president of the bank "Yugra" Alexei Nefedov. The controlling stake in Direct Investments belongs to Radamant Financial (60.38%), another 39.62% are owned by 13 individuals-co-owners of Yugra Bank (each share is less than 10%).

However, the ownership structure is not the only issue that the regulator has had for Ugra. So, in particular, the Central Bank repeatedly ordered the bank to complete the reserves, as a result, by the end of 2016, Yugra became the record holder for losses among all Russian banks. Shareholders had to make urgent additional capitalization of the bank: in 2016 the amount of capitalization was 28.6 billion rubles, from the beginning of 2017 - another 25 billion rubles.

However, the problems of "Ugra" did not stop there. In June, the bank faced massive cases of non-conduct of client operations, which was written off for technical failures. On this fact, the Central Bank organized a check in the bank. Its results have not yet been announced. According to the representative of Ugra, at the moment the bank has no unfulfilled instructions of the Central Bank. However, on July 3, the bank approved the procedure for liquidity loss in the framework of business continuity.

However, the key problem of the bank "Yugra", worried about the regulator, was his business model. The bank raised funds from individuals (75% of all bank liabilities accounted for the first quarter) and directed them to lending to legal entities (over 80% of the loan portfolio). The Central Bank pointed to the risks of such models repeatedly.

In "Ugra" from any comments on the introduction of the interim administration have so far abstained.