According to Admiralty’s statement of liquid assets, gold bullion holdings amounted to 400m rubles (US$8m) at August 1 2015. Consequently, during the course of audits, the regulator questioned the availability of the bank’s precious metals holdings and found bars to be gold plated.
Another source told Banki.ru that shortly before the Admiralty Bank was shut down, corporate customers were offered an option to withdraw funds from their accounts with a transaction commission of 30%. On September 7 the Central Bank disabled the Admiralty Bank’s access to the electronic payment systems with the Bank of Russia (BESP).
The Admiralty Bank was the 289th largest bank in Russia in terms of assets. For the statement of August 1 the total amount of bank assets was just over 8 billion rubles. Monthly turnover of cash transactions was between 40 – 55 billion rubles, and customer account transactions were 35 billion rubles.
The bank’s balance sheet was poorly diversified according to analysis by Banki.ru. Two thirds of the assets of Admiralty were in primary corporate loans. The level of loan delinquency was at 7%, and the provision for collateral against loans stood at 74%. The remaining assets were described as liquid.
One of the reasons why the Central Bank revoked the license was because Admiralty had insufficient reserves to cover potential losses from unpaid loans. At the time of publication Banki.ru news had received no comment from the Central Bank regarding the closure of Admiralty Bank.
Source: http://www.banki.ru/news/lenta/?id=8291660