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Russia-based Bank DOM.RF completes financial recovery program


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Russia-based Bank DOM.RF completes financial recovery program

JSC Bank DOM.RF completed its financial recovery program ahead of schedule, having stabilized its financial position and improved the quality of assets, the Central Bank of the Russian Federation said Dec. 18.

The regulator also noted the lender now meets all regulatory requirements and performs operations "in standard supervision mode."

According to a Dec. 18 Vedomosti report, the financial recovery program for the lender was launched in 2009 and originally set to complete in 2025. Since the end of 2017, the bank has been controlled by state-owned housing development institution JSC DOM.RF, which has overseen its financial recovery.

When DOM.RF took over the lender it received a preferential loan worth 13.9 billion rubles from Russia's Deposit Insurance Agency to finance the financial recovery plan, due to be fully repaid in 2031. The bank itself owes the DIA 500 million rubles, which it plans to pay back in 2021, Vedomosti noted, citing the Russian central bank's deputy head Vasily Pozdyshev.

As of Dec. 18, US$1 was equivalent to 62.66 Russian rubles.