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Next Previous Goal so that the depositors of RCB Bank do not lose a single cent HOME • INSIDER • CYPRUS • Aim so that the depositors of RCB Bank do not lose a single cent
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The controlled exit of RCB Bank from banking operations, after 27 years of presence in the Cypriot market, marks the end of its era as a bank, but the most important thing is that it is done without side effects for the state, its taxpayers, and its depositors. who received assurances that they would not lose & nbsp; not a single cent for the rest of the banking system.
As of yesterday, March 24, 2022, the bank stopped lending, accepting deposits or making new investments, following a decision of the ECB, as the competent supervisory authority of the systemic banks, in relation to the phasing out of RCB banking.
Yesterday, the bank announced what was essentially specified from Tuesday, March 22, after its decision to sell to Hellenic Bank business-serviced loans worth € 556 million. ; asset management company, after first paying in full all the requests for time deposits.
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RCB Bank was established on August 1, 1995, was one of the largest banks in Cyprus and was one of the major European banks directly supervised by the European Central Bank through the Single Supervisory Mechanism (SEN). The bank maintains branches in Nicosia, Limassol, Paphos, Larnaca and Luxembourg.
Payment of deposits € 1.5 billion
The partial sale of its loan assets of € 556 million, combined with the existing high levels of liquidity, allows the RCB, according to its announcement, to fully meet its obligations to its customers and to maintain sufficient liquid assets. for further activities after its transformation into an asset management company. According to information, the deposits that will be repaid by RCB Bank amount to approximately € 1.5 billion, of which 50% concern Cypriot deposits. Before the outflows started, due to the developments that were emerging for the future of the bank and which followed the developments in Ukraine, the percentage of Cypriot depositors was at 67%. But there is also a small amount of deposits, about € 50 million, which is under sanctions, which is also fully covered in case it has to be paid.
The shadow of Russia
Competent sources said that at the European supervisory level, the perception was that RCB's customers were only Russians and that the Cypriot side had repeatedly stressed that deposits of around € 1.7 billion were Cypriot and in fact “of one passport”. The shadow of Russia, however, was present for all the deposits of the Cypriot banking sector and it was duly clarified at every opportunity that 82% of the deposits are Cypriot and only 4% are Russian.
Coordinated by Deloitte
The bank informed yesterday that it will follow a specific schedule and procedure for the completion of the existing customer relations. RCB Bank has agreed with the ECB Banking Supervisor (SSM) that it is appropriate to appoint a dedicated auditor who, together with the bank's management, will oversee the process of completing the bank's settlement with depositors, thus ensuring the smooth completion of deposit relations. Supervisors have decided that a team of professionals from a reputable auditing firm, namely Deloitte, will take on this role.
About two months
There will be a deadline of about two months to transfer the accounts of existing customers to other banks. According to competent sources, there is an informal recommendation from a supervisory point of view in the other banking institutions where they can speed up the procedures for opening accounts and after the necessary audit of the customer first. It is also noted that RCB Bank is in the process of selling the part related to POS machines for payment by cards and will not be able to absorb all the staff under the new scheme.
ECB: Gradual removal of banking operations
The ECB issued a statement yesterday morning on the occasion of the transformation of RCB into an asset management company and refers to the specific decisions taken by the supervisory authority of the systemic banks in relation to the phasing out of RCB banking. It is noted in the announcement that the ECB approved the sale of part of the loan portfolio of the Cypriot RCB Bank to Hellenic Bank as requested by both financial institutions. The ECB restricts the RCB's activities to receiving & nbsp; new deposits, granting new loans or making new investments. Appoints a temporary administrator to work with the existing management to closely monitor the bank's liquidity and capital. The voluntary phasing out of RCB Bank's banking operations involves the full repayment of depositors
What they claim about the padlock
In the announcement, RCB Bank explains why was forced to close as a bank. “While the RCB maintains abundant levels of liquidity and capital adequacy, the ongoing and highly volatile geopolitical situation necessitates this transformation and the adoption of a new strategy – the gradual disengagement from banking operations with the simultaneous safeguarding of . The ECB said in a statement that the bank, which will pay all its depositors in full, decided to withdraw after the effects of geopolitical risks on its operation due to the Russian invasion of Ukraine.