Operative Report of ABLV Bank, AS in Liquidation for November 2019
Riga, Latvia, 2019-12-17 08:06 CET --
According to the provisions of the Law on Credit Institutions, ABLV Bank, AS (the Company) in liquidation is hereby publishing the operative report for November. In November, the recovery of assets continued, as well as verification of their buyers, and the Company continued providing information and answers to requests of various state institutions in accordance with the procedures provided by the law.
In November, there were EUR 23.3 million recovered, while since the commencement of the liquidation there are EUR 726.5 million recovered. Currently there are EUR 1.69 billion available to the Company, which covers about 83% of all the creditors’ claims.
From the recently recovered assets, there are especially notable EUR 1.2 million that are recovered from the securities written off in 2015. The liabilities, which originated from a subordinated loan issued to Bank Uralsib, were satisfied after the London Court of International Arbitration ruled on settlement of the debt.
Key financial data as on 30 November 2019:
total assets: EUR 2.35 billion;
lodged creditors’ claims: EUR 2.02 billion;
available cash: EUR 1.69 billion
capital and reserves: EUR 290.3 million;
total recovered assets: EUR 726.5 million.
In November, at an extraordinary meeting of shareholders of the Company there was a decision made about changes in the Liquidation Committee, electing two new liquidators: sworn attorney Vineta Čukste-Jurjeva and assistant attorney Armands Smans.
The Company continues close cooperation with all involved stakeholders, including state institutions and officials, ensuring transparent and professionally managed liquidation process. Ernst & Young team continues independent review of creditors according to the creditor review methodology approved by the regulator.
Head of Communication Department
ABLV Bank, AS in Liquidation
Tel.: +371 6700 2432