November 17, 2017 / 5:24 PM / 10 months ago

BRIEF-Bank Otkritie doesn't pay interest for $500 loan, faces covenant default

Nov 17 (Reuters) - OFCB CAPITAL PLC:

* SAYS BANK FC OTKRITIE ON OCTOBER 26 2017 DIDN’T’ PAID INTEREST DUE UNDER THE $500 SUBORDINATED LOAN AGREEMENT DATED 24 APRIL 2012

* SAYS BANK FC OTKRITIE DOES NOT COMPLY WITH THE MINIMUM CAPITAL ADEQUACY RATIO ESTABLISHED BY THE BANK OF RUSSIA

* SAYS INCOMPLIANCE IS OF TEMPORARY NATURE AND THE COMMON EQUITY TIER 1 CAPITAL ADEQUACY RATIO TO BE RESTORED SO THAT IT WOULD MEET AND EVEN EXCEED THE MINIMUM REQUIREMENTS SET BY THE BANK OF RUSSIA IN THE SHORT TO MEDIUM TERM PERSPECTIVE

* PAYMENT DEFAULT EXISTS UNDER THE NOTES FOLLOWING THE FAILURE BY BANK FC OTKRITIE TO MAKE THE PAYMENT OF INTEREST DUE UNDER THE SUBORDINATED LOAN ON 26 OCTOBER 2017

* COVENANT DEFAULT EXISTS UNDER THE NOTES DUE TO THE BREACH BY BANK FC OTKRITIE OF CLAUSE 14.10(B) OF THE SUBORDINATED LOAN AGREEMENT

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Further company coverage: (Gdynia Newsroom)

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