According to the 2010 IFRS report of Bank of Moscow, board members remunerations for the previous year totaled to 1.57 billion rubles (about 52 million dollars at the average annual rate, which makes more than 5 million dollars on average to each of ten board members). This exceeds 2009 payments threefold. In that year the board of Bank of Moscow received a total of 503.6 million rubles.

Most of payments for 2010 came in the first quarter of this year, shows the bank statements made in accordance with Russian Accounting Standards in January-March, which has already been publicized. During this period, top executives received 1.2 billion dollars. The first quarter of 2011 ended years of the reign of Andrey Borodin team in Bank of Moscow as in April VTB of Andrey Kostin, which had earlier bought 46.48% stake from the city government, brought its own management to lead the credit institution.

As The Russian Mafia web-site (rumafia.com) already mentioned, VTB buying the shares was followed by a conflict with the previous management headed by Andrey Borodin, who eventually left the country. After his departure, the bank’s financial problems were revealed. Those were associated with large-scale lending to entities affiliated with management. As a result, Central Bank, Deposit Insurance Agency (DIA) and VTB decided to ensure recovery of Bank of Moscow.

Based on the report, the bank's financial results were sad as expected. Bank of Moscow net loss within IFRS for the year 2010 amounted to 68.2 billion rubles, as against net profit in 2009 at 717 million rubles. The costs associated with crediting additional amount of provision for impairment of corporate loans, issued by the previous management of the group, in the fourth quarter of 2010 made up 91.3 billion rubles.