Cbank says Asian-Pacific Bank’s capital adequacy below 2%

MOSCOW, Jun 21 (PRIME) -- The capital adequacy ratio of Asian-Pacific Bank has fallen below 2% for a total of six or more operating days over the past 30 consecutive operating days, the central bank said in a statement on Thursday.

The event is a trigger for a write-off or conversion of subordinated debt of the bank.

In April, the central bank mandated the Banking Sector Consolidation Fund as an interim administration at Asian-Pacific Bank, ranked 60th by assets as of April 1, but did not introduce a moratorium on meeting creditors’ demands. The central bank decided to bail out Asian-Pacific Bank as the bank’s capital decreased by over 30%, while the bank has social importance in the Far East and Siberia, the regulator said then.

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