INSTRUCTION OF THE CENTRAL BANK OF RUSSIA

of July 5, 2007 No. 1853-U

About features of implementation by credit institution of settlement transactions after revocation of license on banking operations and about the accounts used by the receiver (the liquidator, liquidation commission)

This Instruction according to part one of the Civil code of the Russian Federation (The Russian Federation Code, 1994, N 32, Art. 3301; 1996, N 9, Art. 773; N 34, of Art. 4026; 1999, N 28, Art. 3471; 2001, N 17, Art. 1644; N 21, of Art. 2063; 2002, N 12, Art. 1093; Art. N 48, 4737, Art. 4746; 2003, N 2, Art. 167; N 52, of Art. 5034; 2004, N 27, Art. 2711; N 31, of Art. 3233; 2005, N 1, Art. 18, Art. 39, Art. 43; N 27, of Art. 2722; N 30, of Art. 3120; 2006, N 2, Art. 171; N 3, of Art. 282; N 23, of Art. 2380; N 27, of Art. 2881; N 31, of Art. 3437; N 45, of Art. 4627; N 50, of Art. 5279; Art. N 52, 5497, Art. 5498; 2007, N 7, Art. 834), Federal Law "About the Central Bank Russian Federation (Bank of Russia)" (Russian Federation Code, 2002, N 28, Art. 2790; 2003, N 2, Art. 157; N 52, of Art. 5032; 2004, N 27, Art. 2711; N 31, of Art. 3233; 2005, N 25, Art. 18, Art. 2426; N 30, of Art. 3101; 2006, N 19, Art. 2061; N 25, of Art. 2648; 2007, N 1, Art. 9, Art. 10; N 10, of Art. 1151; Art. N 18, 2117), Federal Law "About Banks and Banking Activity" (Sheets of the Congress of People's Deputies of RSFSR and Supreme Council of RSFSR, 1990, N 27, Art. 357; Russian Federation Code, 1996, N 6, Art. 492; 1998, N 31, Art. 3829; 1999, N 28, Art. 3459, 3469; 2001, N 26, Art. 2586; N 33, of Art. 3424; 2002, N 12, Art. 1093; 2003, N 27, Art. 2700; N 50, of Art. 4855; Art. N 52, 5033, Art. 5037; 2004, N 27, Art. 2711; N 31, of Art. 3233; N 45, of Art. 4377; 2005, N 1, Art. 18, Art. 45; N 30, of Art. 3117; 2006, N 6, Art. 636; N 19, of Art. 2061; N 31, of Art. 3439; 2007, N 1, Art. 9; Art. N 22, 2563), Federal Law "About Insolvency (Bankruptcy)" (Russian Federation Code, 2002, N 43, Art. 4190; 2004, N 35, Art. 3607; 2005, N 1, Art. 18, Art. 46; N 44, of Art. 4471; 2006, N 30, Art. 3292; 2007, N 7, Art. 834), Federal Law "About Insolvency (Bankruptcy) of Credit Institutions" (Russian Federation Code, 1999, N 9, Art. 1097; 2001, N 26, Art. 2590; 2002, N 12, Art. 1093; 2003, N 50, Art. 4855; 2004, N 31, Art. 3220; N 34, of Art. 3536; 2007, N 1, the Art. 10) and the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of July 2, 2007 N 14) establish features of implementation by credit institution of settlement transactions after revocation of license on banking operations (further - the license), and also establishes procedure for use of accounts by the receiver (the liquidator, liquidation commission).

Chapter 1. Transactions of credit institution after revocation of license

1.1. From the date of response at credit institution of the license and about day of entry into force of the decision of Arbitration Court on recognition of credit institution by insolvent (bankrupt) or about its liquidation, credit institution from which the license is revoked (further - the liquidated credit institution) (its branch) stops account transactions of clients, credit institutions - correspondents, divisions of the Bank of Russia through which the Bank of Russia transfers money within payment system of the Bank of Russia (further - divisions of the Bank of Russia) stop transactions on correspondent accounts (sub-accounts) of the liquidated credit institution (its branch), except the cases provided by parts 10 and 13 of article 20 of the Federal law "About Banks and Banking Activity".

1.2. For the purpose of execution of provisions of article 20 of the Federal law "About Banks and Banking Activity" credit organizatsiikorrespondenta, divisions of the Bank of Russia, from the date of response at credit institution of the license check compliance of purpose of payment to the transactions permitted by the legislation of the Russian Federation, including regulations of the Bank of Russia at the arriving orders about money transfer (further - orders) which amounts are subject to transfer on correspondent account (sub-account) of the liquidated credit institution (its branch) or to write-off from correspondent account (sub-account) of the liquidated credit institution (its branch).

1.3. Credit institutions - correspondents and divisions of the Bank of Russia, stop acceptance of the orders arriving from the date of revocation of license for transfer of money on bank accounts of clients of the liquidated credit institution (its branch) and perform return of money into accounts of payers in banks senders with the notification on response at credit institution of the license and specifying of date and number of the relevant order of the Bank of Russia.

1.4. According to article 20 of the Federal law "About Banks and Banking Activity" the credit institution after day of revocation of license about day of entry into force of the decision of Arbitration Court on recognition of credit institution by insolvent (bankrupt) or about its liquidation, in coordination with territorial office of the Bank of Russia in the location of the liquidated credit institution (its branch), returns the payment order of credit institution to the payer the money intended for transfer on bank accounts of clients of credit institution and mistakenly enlisted after revocation of license on correspondent account (sub-account) of the liquidated credit institution (its branch).

Coordination by territorial office of the Bank of Russia of return of the money which is mistakenly enlisted after revocation of license is performed according to the application submitted by credit institution constituted in any form.

1.5. From the date of response at credit institution of the license, the arriving orders on cash write-off from correspondent account (sub-account) of the liquidated credit institution (its branch), except for the orders connected with execution of the current obligations of the liquidated credit institution return divisions of the Bank of Russia, the credit organizations correspondents to senders of the specified orders with the notification on response at credit institution of the license and specifying of date and number of the relevant order of the Bank of Russia.

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