You have a shortage: Central Bank revoked the license of Garant-Invest Bank
On Thursday, December 26, it became known that the Bank of Russia revoked the license of the commercial bank Garant-Invest (joint-stock company), which ranked 168th among Russian banks in terms of assets. According to the press release of the Central Bank, it was done because of the bank's violation of federal laws and the discovery of a large shortfall. Since JSC is a member of the deposit insurance system, payments to customers will begin no later than January 9, 2025. Details - in the material "Izvestia".
Revocation of license from "Garant-Invest": reasons
On Thursday, December 26, on the website of the Bank of Russia appeared a press release, which states that by order №OD-2303 the regulator withdrew the license for banking operations from the commercial bank "Garant-Invest". According to reports dated December 1, 2024, it was ranked 168th in the Russian banking system.
The decision to liquidate the JSC was taken against the background of the bank's violation of laws regulating banking activities. It is also reported that the Central Bank during the last 12 months several times applied to the organization measures in the form of restrictions on attracting depositors' funds.
One of the serious violations of the bank was revealed on the eve of the license revocation, December 25. The Central Bank discovered a large shortage of funds during a cash audit. In this regard, it is reported that in the activities of "Garant-Invest" appeared a serious threat to the interests of creditors and depositors.
The bank's license to operate on the securities market was also revoked.
Garant-Invest Bank had a high-risk business model, said economist Andrei Barkhota in a conversation with Izvestia. He explained that ultra-expensive client deposits were placed in low-quality assets: first of all, corporate loans to doubtful borrowers. This created a threat of widening the "hole" in the bank's capital. In addition, highly liquid assets amounted to about half of the reserves of Garant-Invest Bank, the expert added. Thus, the bank had an operationally unprofitable model combined with the presence of cash-out schemes of not quite clear origin.
- It is obvious that high rates on deposits can hardly be paid back by profitable assets. This applies both to loans, the demand for which is declining, and investments in securities, which do not always pay off expensive liabilities or require large amounts of bank capital. For small banks, the risks increase because they cannot work with the largest clients due to lower credit ratings," comments Barkhota.
Depositors of small banks should keep in mind the insurance limit and try not to exceed the amount of deposits in such banks above 1 million rubles, the interlocutor recommended.
How depositors can get their money back from the bank Garant-Invest
It is already known that the bank was appointed temporary administration in the person of the State Corporation "ASV" (Deposit Insurance Agency), which will act until the appointment of a bankruptcy manager or liquidator. Alexey Lyubchenko became its head.
Since "Garant-Invest" is a member of the deposit insurance system, depositors, in accordance with 177-FZ "On Insurance of Deposits in Banks of the Russian Federation", have the right to receive compensation for deposits (accounts). Clients of the organization will be able to receive 100% of the balance, but not more than 1.4 million rubles per person.
Payment of funds to depositors, according to the DIA, will begin no later than January 9, 2025 and will be carried out using the agency's website or the portal "Gosusgoservices".
For more information about the payment of insurance indemnity you can call 8-800-200-08-05 or make a request on the agency's website in the section "Banks/Insurance Payouts" (www.asv.org.ru).
What is known about Garant-Invest Bank
Garant-Invest Commercial Bank was registered by the Bank of Russia at the end of 1993. According to the bank's website, the bank's assets amounted to 14.7 million rubles, and its capital amounted to 1.9 million rubles.
According to the DIA, the insurance liability is tentatively 3.6 billion rubles.
Which banks will lose their licenses in 2024
In 2024, the Central Bank has already revoked the licenses of several banks. The first of them on February 21 was Kiwi Bank because of cooperation with shadow business (transfers to crypto exchanges and illegal online casinos). Almost immediately after it was deprived of its license bank "Gefest", on March 22 - Bank "Strela" (until 2023 Sevzapinvestprombank), then - Avtogradbank from Naberezhnye Chelny.
The last one was BCF Bank, whose reasons for license revocation included violation of laws on combating money laundering and financing of terrorism, as well as withdrawal of funds abroad.
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