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ABLV Bank successfully repays 80.9% of guaranteed remuneration amount to clients

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe liquidated ABLV Bank has paid off EUR 388.356 million or 80.9% of the total amount of remuneration to clients, as confirmed by Citadele external communications manager Regīna Ikala.

She says that since March 2018, when the repayment process for guaranteed deposits started, a total of 12,334 people or 56.8% of the clients eligible for remuneration have received the money.

Additionally, 5,881 residents, which us 70.8% of resident clients, and 6,453 non-residents (48.2% of non-resident clients) have received guaranteed remuneration.

EUR 44,039 million or 94.2% of the total remuneration amount for resident clients has been repaid so far, whereas the amount repaid to non-resident clients reaches EUR 344.317 million (79.5%).

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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