Three more Russian banks lose banking licences
MOSCOW, Nov 12 (Reuters) - Russia's central bank said on Wednesday it was revoking the banking licences of two more commercial banks, Mira Bank and Econatsbank, as well as cancelling that of the International Bank of Solidarity. The global credit crunch is taking its toll, leading to consolidation among Russia's 1,000-plus banks and failure for some of the smaller institutions.
Mira Bank and Econatsbank had their licences revoked due to "not fulfilling federal laws which govern banking activity, as well as central bank rules, the inability to meet creditors' demands ... and make mandatory payments".
Econatsbank also had problems with its accounts, the central bank said.
In all three cases depositors will be able to apply to the Deposit Insurance Agency to get their money back. Authorities have changed the rules in the face of the crisis, and now the first 700,000 roubles ($25,610) of a deposit are 100 percent guaranteed -- the equivalent of around 40 times the average monthly wage. (Reporting by Toni Vorobyova; Editing by Greg Mahlich)
