Financial Report of ABLV Bank, AS in Liquidation for Three Months
Riga, Latvia, 2020-05-22 13:53 CEST --
In the first quarter of 2020, the Liquidation Committee of ABLV Bank, AS in liquidation (the Company) continued the liquidation process and cooperation with stakeholders, including state institutions, thus ensuring professional management, transparency and openness of liquidation under the supervision of the Financial and Capital Market Commission (the FCMC).
The objective of liquidation process is to satisfy claims of all recognised creditors of the Company to full extent, unless there are legal obstacles precluding the payout. Creditor compliance review, as well as payouts, continued during the reporting period. The Company is obligated to carry out creditor compliance review in accordance with the applicable statutory requirements in the field of prevention of money laundering, as well as financing of terrorism and proliferation. Compliance reviews are carried out by a team of Ernst&Young. By the end of March 2020, the compliance review had begun for 661 creditors with claims amounting to EUR 270 million.
Recovery of assets continued also during this reporting period with EUR 28.7 million recovered in the first quarter of 2020. Since the commencement of liquidation, the Liquidation Committee has recovered assets in the amount of EUR 778 million. The total amount of Company’s assets is sufficient to cover all creditor claims in full, and it was the most significant prerequisite for the regulators (the European Central Bank and the FCMC) to approve its voluntary liquidation.
The key financial indicators as of 31 March 2020 are the following:
total amount of assets: EUR 2.35 billion;
creditor claims filed: EUR 2.02 billion;
capital and reserves: EUR 279.2 million;
total amount of recovered assets: EUR 778 million.
Meanwhile, by the end of March 2020, guaranteed compensations had been paid to 13,992 clients. So far, EUR 447 million have been disbursed to clients in the form of guaranteed compensations, which is 93% of the total amount transferred by the Company to the Deposit Guarantee Fund.
Head of Communication Department
ABLV Bank, AS in Liquidation
Tel.: +371 6700 2432