ABLV Bank, AS in Liquidation H1 and Q2 Financial Reports
Riga, Latvia, 2018-08-31 16:11 CEST --
ABLV Bank, AS in liquidation hereby publishes the unaudited consolidated financial reports of the first half and second quarter of 2018.
As reported earlier, after the Proposal released on 13 February 2018 by the Financial Crimes Enforcement Network of the U.S. Department of Treasury, on 26 February 2018 at the extraordinary general meeting of shareholders of ABLV Bank, AS there was a decision made on voluntary liquidation in order to ensure maximum protection to the interests of clients and creditors. On 12 June 2018, the Financial and Capital Market Commission (FCMC) approved the application for voluntary liquidation submitted on 5 March 2018, which makes 12 June 2018 the official day of commencement of liquidation of the bank.
As the voluntary liquidation was approved, the members of the board and council of the bank lost their power, and the operation was taken over by Liquidation Committee of the bank as the decision-making body, consisting of four liquidators approved by the FCMC. Two of them have the required knowledge and experience in finance and commerce, while other two are sworn attorneys. The team consists of sworn attorneys Eva Berlaus and Elvijs Vēbers, real estate and finance expert Andris Kovaļčuks, and corporate finance expert Arvīds Kostomārovs. For the support of the liquidators, there are also independent experts and an international auditor Ernst & Young with its experts from at least five countries engaged.
On 18 June 2018, ABLV Bank, AS in liquidation published an announcement about the liquidation of the bank in the official newspaper “Latvijas Vēstnesis”, and that day marks the start for the 3-month term for lodging creditors’ claims. The creditors are welcome to lodge their claims (or complaints) to the bank by 18 September 2018 (inclusive) by submitting them to the Liquidation Committee at 23 Elizabetes Street, Riga, LV-1010, Republic of Latvia.
The aim of the voluntary liquidation is to satisfy claims and interests of all creditors of the bank to 100%. The amount of assets of ABLV Bank, AS in liquidation is sufficient to cover the claims of all creditors. The key financial indicators as at 30 June 2018 are as follows:
total assets: EUR 2.4 billion;
deposits: EUR 1.6 billion;
capital and reserves: EUR 315 million;
profit of previous periods: EUR 117.4 million.
Having approved the voluntary liquidation of the bank, on 12 June 2018 the FCMC submitted an application to the European Central Bank about the withdrawal of the license of a credit institution of ABLV Bank, AS in liquidation. The withdrawal of the license was one of the steps provided in the bank’s voluntary liquidation plan, and on 11 July 2018 the ECB made the decision to withdraw the license. With this decision of the ECB, ABLV Bank, AS in liquidation immediately terminated rendering any financial services that require banking license, as well as closed all current accounts to all persons, who had had such accounts opened with ABLV Bank, AS.
ABLV Group Communications Leader
ABLV Bank, LAS
Tel.: +371 6700 2454