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Monday 17.02.2020 | Name days: Konstance, Donats
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ABLV Bank assets worth EUR 21.052 million were recovered in July

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULiquidators of ABLV Bank have recovered assets worth EUR 21.052 million in July. This includes EUR 11.602 million recovered from issued loans, EUR 7.644 million from recovered/sold securities, EUR 1,792 million from loans provided to credit institutions, and EUR 14,000 from sales of real estate and other types of property, according to the account published in Latvian Herald.

With that, liquidators of this bank have recovered a total of EUR 32.995 million since June 2018.

At the same time, liquidation costs in July reached EUR 4.881 million, which includes supervisory and regulatory costs of EUR 1.93 million, wages and lay-off benefits (with taxes) of EUR 1.6 million, maintenance costs for the bank’s assets of EUR 702 thousand, money and financial tools storage costs of EUR 362 thousand, and wages paid to the liquidators of EUR 98 thousand. With that, liquidators have recovered EUR 6.876 million since the beginning of ABLV Bank’s liquidation process.

The account also shows that as of 31 July 2018 ABLV Bank had deposits worth EUR 1.602 billion. The bank’s reorganized commitments were worth EUR 139.459 million, and emitted securities worth EUR 298.087 million.

In total, ABLV Bank’s assets were worth EUR 2,378 billion.

The bank’s capital and reserves were worth EUR 321.137 million at the end of Jul. This includes revenue left from the previous period (EUR 117.557 million) and losses from the account period worth EUR 22.925 million.

BNN had previously reported that Latvia’s Finance and Capital Market Commission’s council permitted on 12 June 2018 commencement of ABLV Bank’s self-liquidation process. FCMC has also submitted a request to the European Central Bank to revoke ABLV Bank’s license.

To ensure maximum protection of clients’ and creditors’ interests, and considering the decision by ECB on allowing commencement of the liquidation process, ABLV Bank’s shareholders decided at a meeting on 26 February to commence self-liquidation.

Problems for ABLV Bank started when US Department of Treasury Financial Crimes Enforcement Network announced in February 2018 its plans to establish sanctions against ABLV Bank for money laundering schemes that had assisted with North Korea’s nuclear arms programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.

In response to these accusations, ABLV Bank’s lawyers asked FinCEN to call of its proposal, saying that experts put up «exaggerated accusations» without providing any tangible proof. It is also said FinCEN failed to take into account ABLV Bank’s accomplishments in preventing financial crimes.

ABLV Bank and its largest shareholders have also submitted pleas to the European Union Court against European Central Bank and Single Resolution Board. The bank’s lawyers from DLA Piper office in Germany have submitted four pleas in total on behalf of ABLV Bank and two of its largest shareholders – two against ECB and two against SRB.


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