bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 23.08.2019 | Name days: Valgudis, Ralfs, Vitālijs
LatviaLatvia

ABLV Bank’s liquidators recover assets worth EUR 37.938 million in February

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn February 2019, liquidators of ABLV Bank had successfully recovered assets worth EUR 37.938 million, which is 21% less than a month prior, according to the annual account published in Latvian Herald.

This includes EUR 23.411 million recovered from recovered/sold securities, EUR 13.901 million from issued loans, EUR 500 thousand from recovered donations, as well as EUR 126 thousand from sold real estate and other property.

With that, as of June 2018, when the bank’s self-liquidation process, had first started, ABLV Bank’s liquidators have recovered a total of EUR 441.459 million, including EUR 85.966 million in the first two months of 2019.

At the same time, the costs of ABLV Bank’s liquidation in February were EUR 2.94 million, including wages and layoff bonuses of EUR 1.406 million, money and financial instrument storage and maintenance costs – EUR 670 thousands, special costs for the maintenance of the bank’s property and premises – EUR 381 thousand, liquidator wages – EUR 293 thousand, as well as supervisory, regulatory and other important costs – EUR 190 thousand.

With that, since the beginning of the bank’s self-liquidation process the costs of said liquidation have reached EUR 27.114 million, including EUR 6.068 million in the first two months.

The account also shows that on 28 February 2019 ABLV Bank held deposits worth EUR 1.6 billion, released securities worth EUR 301.633 million and reorganized commitments of EUR 140.4 million.

ABLV Bank’s stored EUR 1.022 billion in the form of money and requisitions before central banks, EUR 638.759 in the form of issued loans, the bank’s requisitions before credit institutions worth EUR 437.492 million, EUR 155.475 million in the form of investments in capital of creative and associated businesses, as well as EUR 69.909 million in the form of investments in securities at the end of February.

As of 28 February, ABLV Bank’s assets were worth EUR 2.358 billion.

The bank’s capital and reserves were worth EUR 298.836 million at the end of February. This includes profits from the previous period of EUR 69.541 million. Profits of the account period were EUR 2.542 million.

As it is known, European Central Bank revoked ABLV Bank’s license in July 2018.

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.


Leave a reply

Turn in high-profile court saga: Ventspils mayor receives state lawyer

The mayor of the Latvian port city Ventspils, Aivars Lembergs, who is charged with serious crimes and has been suspended from office, has been appointed a state lawyer in the long court process that has had many delays.

No obstacles to Riga signing waste contract on 20 years, says ministry, despite probe

Latvian Ministry of Environmental Protection and Regional Development has stated that the plan by the Riga City Council to award a waste management contract on 20 years is not against the law, despite competition regulator investigating alleged violations.

Riga pledges to increase use of Latvian in its kindergartens

The Riga municipality will continue increasing the use of the Latvian language in the kindergartens of the capital, the responsible department of the Riga City Council has stated in reaction to calls to switch all kindergarten groups to the official language.

France supports new, short Brexit talks for UK to leave with deal

Emmanuel Macron of France supported new, month-long Brexit negotiations to avoid a no-deal Brexit, but was against the removal of the Irish backstop from the deal – a key demand by his guest British Prime Minister Boris Johnson.

Lithuania backs Sinkevičius as European Commission nominee

The Lithuanian parliament on Thursday, August 22, voted to support Virginijus Sinkevičius, the Lithuanian Minister of the Economy and Innovation, as the country’s pick for the next European Commission.

New member of Riga Freeport board rushes to meet controversial Šlesers, TV3 Ziņas says

Riga councilman Sandris Bergmanis has a day after being elected to the board of the Freeport of Riga Authority met with businessman and former Latvian minister Ainārs Šlesers, according to the news programme TV3 Ziņas.

Latvian power production drops to lowest level in year

Energy companies in Latvia produced 357 655 megawatt hours of power in July, which is the lowest level of national power output since July 2018. This allowed to cover 64% of the Latvian electricity consumption, according to AS Augstsprieguma tīkls.

Compensation payments of defunct Latvian PNB Banka begin

With operations of the Latvian bank, AS PNB Banka, stopped, the process of paying the guaranteed compensation to its clients has begun on August 22, according Citadele, the lender tasked with the payments.

Riga planning to introduce tourist fee – one euro per day

The Riga City Council is discussing a plan to introduce a tourist fee charging all places of tourist accommodation a fee of one euro per day.

Expert: With Belarus electricity freezing Baltics’ solidarity, Moscow is over the moon

In a blow to Lithuania’s far-reaching plans, Latvia has announced it looks forward to buying electricity from a nuclear power plant in Belarus’ Astravyets under construction 50 kilometres away from Vilnius.

WHO: Little risk from microplastics in drinking water

The World Health Organization has declared that the current level of microplastic particles in drinking water does not pose is not a serious risk for health, yet more research was necessary to determine their effects on human health.

Subsidies to controversial Riga transport company could increase by EUR 20 mln

Amid the criticism of the Riga municipal transport company Rīgas satiksme for its losses and their effect on the Latvian state budget, a plan has been voiced to increase its subsidies, now 120 million euros, by another 20 million euros, Latvian Radio reports.

Latvian Minister keeping adviser detained by corruption watchdog for now

Latvian Agriculture Minister Kaspars Gerhards will clarify the reason, why his advisor and the mayor of the city of Ogre, Egils Helmanis, has been detained by corruption investigators, to decide on keeping him in office.

Trump, Macron willing to readmit Russia to G7, despite Crimea annexation

The leaders of France and the United States have expressed their backing to readmitting Russia to the G7 conference of world powers in 2020, despite Ukraine’s Crimea still being held by Moscow, CNN reports.

Latvian excise tax income up by 8% in first half of 2018

The Latvian excise tax income in the first half of 2019 has been 521 million euros, –an increase by 39 million euros, or 8.1% – compared to the respective period last year, showed data by the Latvian State Revenue Service.

Latvian PM: Most of freely available 2020 budget funds already earmarked

Discussing the 2020 Latvian national budget, Latvian prime minister Krišjānis Kariņš pointed out that its fiscal space is limited by previous decisions and that the expected losses of the Riga transport company will not permit raising wages and pensions nationally.

Corruption watchdog detains Ogre city mayor Helmanis

The Latvian Corruption Prevention and Combating Bureau has on Wednesday detained the mayor of central Latvian city of Ogre, Egils Helmanis, according to LETA news agency.

New members to Freeport of Riga Authority elected, despite criticism

The Riga City Council elected to the Board of the Freeport of Riga Authority, mayor Oļegs Burovs and councilman Sandris Bergmanis, despite heavy criticism of the latter for incompetence and lack of vision.

Italy loses government, coalition of right-wing, anti-establishment parties collapses

Italy has lost its government with Prime Minister Giuseppe Conte announcing resignation after the right-wing League party pushed for no-confidence motion to its own government.

Kaljulaid opposed to Estonian minister after police chief scandal

Alleging that Estonian Interior Minister Mart Helme has violated the law by trying to sack top police chief, Estonian President Kersti Kaljulaid has stated that the minister has no place in the government.

Planned Latvian economic cases’ court conceptually backed by government

The plan by the Latvian Ministry of Justice to establish a court of economic cases has on Tuesday, August 20, been supported by the Latvian Cabinet of Ministers.

Riga deputy mayor posts go to Harmony and independent politician

In the Riga City Council, deputy mayors have been elected with one post going to Anna Vladova from Harmony and the other – to Vadims Baraņņiks from the group of independent councilmen.

Latvia charges energy company executives for attempted fraud

Two board members of Latvian power company SIA Rīgas enerģija have been charged in a criminal case for an attempt to acquire with deceit the rights to supply electricity as part of the mandatory procurement component programme.

Consumer protection: 34% of Latvians admit post-vacation financial difficulties

During vacation, 77% of Latvians spend more money than planned, but 34% admit having trouble making ends meet after vacation, according to a poll by the Latvian Consumer Protection Centre.

Firms like Riga transport company to be banned from working with losses, minister says

As the European Union’s statisticians have classified the Riga municipal transport company Rīgas satiksme in the debt of the national budget, it is planned in Latvia to prohibit such companies from working with losses, Latvian Finance Minister Jānis Reirs has told LNT 900 sekundes programme.

Newest comments