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ABLV Bank successfully pays 69% of all guaranteed remuneration amount

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe liquidated ABLV Bank has repaid clients EUR 328.66 million, which is 69% of the guaranteed remuneration amount, as confirmed by Citadele Bank’s corporate communications manager Ieva Prauliņa.

She says that over the course of 3 March to 15 October a total of 11,013 ABLV Bank’s clients or 51% or the people with rights to receive state guaranteed remuneration received it.

At the same time, Prauliņa informs that so far 5,676 Latvian residents and companies or 68% of residents have received state guaranteed remuneration. The amount paid to local clients is EUR 43.6 million or 93% of the state guaranteed remuneration amount available to residents.

As for the foreign clients segment, state guaranteed remuneration has been provided to 5,337 clients or 40% of ABLV Bank’s foreign clients segment. The amount paid to foreign clients is EUR 285 million.

BNN had previously reported that since March 2018, Citadele Bank has been performing the repayment of state guaranteed remuneration to ABLV Bank’s clients. The state guaranteed remuneration will remain available for five years – until 3 March 2023.

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.


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