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Wednesday 16.01.2019 | Name days: Lida, Lidija
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ABLV Bank assets worth EUR 47.14 million recovered in August

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAssets worth EUR 47.13 million were recovered from the liquidated ABLV Bank in August, which is 2.2 times more than a month prior, according to the account published in Latvian Herald.

This amount included EUR 37.118 million in recovered loans, EUR 9.188 million from recovered/sold securities, EUR 0.785 million from loans provided to credit institutions and EUR 49,000 from sale of movable and other property.

This means liquidators of ABLV Bank have recovered EUR 80,135 million since June 2018, when the bank’s liquidation process was launched.

At the same time, ABLV Bank’s liquidation costs were EUR 2.966 million in August. This includes payment of wages and lay-off benefits, including taxes – EUR 2.092 million. The necessary maintenance costs of the bank’s property during the liquidation process were EUR 328,000. The cost of storage of money and financial tools was EUR 310,000. Remuneration of liquidators, including taxes, was EUR 106,000.

With that, the total costs of ABLV Bank’s self-liquidation have reached EUR 9.842 million since its beginning.

The financial account also shows that ABLV Bank has deposits of EUR 1.602 billion as of 31 August 2018. The bank’s reorganized commitments were worth EUR 139.833 million, and emitted securities were worth EUR 299.991 million.

ABLV Bank’s treasury and commitments for central banks were equal to EUR 1.021 billion. In loans, the bank has issued EUR 757.041 million. Deposits held in securities were worth EUR 261.062 million. Investments in capital of associated companies were worth EUR 165.998 million, whereas commitments before credit institutions were worth EUR 126.2 million.

In total, ABLV Bank’s assets were worth EUR 2.367 billion as of 31 August 2018.

The bank’s capital and reserves accounted for EUR 308.796 million at the end of August, including profits left from the last period worth EUR 117.649 million. The bank’s losses for the accounted people were equal to EUR 34.989 million.

ABLV Bank’s out-balance commitments and possible commitments were equal to EUR 18.558 million at the end of August.

On 12 June 2018, Finance and Capital Market Commission permitted ABLV Bank to commence its submitted self-liquidation process. FCMC also requested 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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