Last checked at 21 Dec 2016 12:13
Information about the funds held in Tatfondbank
21 December 2016
In connection with the decision of the Central Bank of Russia made on 15 December 2016 to introduce temporary administration at PJSC Tatfondbank and following the analysis of potential consequences of such decision for Tatneft Group, PJSC Tatneft informs that if it is unable to recover the funds held in PJSC Tatforndbank this would have no impact on the financial position of the Company and its subsidiaries or their ability to fulfil any obligations. As of 15 December 2016 the total amount of funds of Tatneft Group held in PJSC Tatfondbank was approximately 5.4 billion Rubles, 0.7% of total assets of the Group under IFRS as of 30 September 2016. As of 30 September 2016 the total amount of cash and its equivalents, including restricted, as well as short-term and long-term financial assets of Tatneft Group under IFRS exceeded 81.4 billion Rubles.
The Company hopes that activities of the temporary administration will result in the development of actions for financial rehabilitation of the bank, restoring its ability to fulfil the obligations towards its depositors and customers.
This press-release contains inside information.
Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.