Operative Report of ABLV Bank, AS in Liquidation for June 2019
Riga, Latvia, 2019-07-17 08:00 CEST --
According to the provisions of the Law on Credit Institutions, ABLV Bank, AS (the Company) in liquidation is hereby publishing the operative report for June. In June 2019, ABLV Bank, AS in liquidation recovered assets amounting to EUR 10 million, while since the approval of the liquidation, there were assets amounting to EUR 610 million recovered.
Key financial data as at 30 June 2019:
total assets: EUR 2.4 billion;
lodged creditors’ claims: EUR 2.0 billion;
capital and reserves: EUR 296.5 million;
assets recovered by now: EUR 610 million.
The Company continued close cooperation with all involved stakeholders, including state institutions and officials, ensuring transparent and professionally managed liquidation process. In June liquidators of the Company had a meeting with International Monetary Fund (IMF) mission to update on the status of the liquidation and answer questions raised.
We continued to provide support for international Ernst & Young team engaged for the independent review of creditors according to the creditor review methodology approved by the regulator and Financial Intelligence Unit Latvia.
Aiming to protect interests of clients and shareholders, as well as given the significant financial losses over an extended period of time, in June, ABLV Bank Luxembourg, S.A., the Company’s subsidiary bank in Luxembourg, made a decision to support the commencement of the liquidation process. As per local regulation, Luxembourg financial supervision institution CSSF filed a request to the Luxembourg Commercial Court about the commencement of the bank’s liquidation process.
In June, we continued to review information that was submitted by creditors, recover assets and verify their buyers, as well as answered requests from various government institutions.
ABLV Group Communications Leader
Tel.: +371 6700 2454