Operative Report of ABLV Bank, AS in Liquidation for July 2019
Riga, Latvia, 2019-08-15 07:20 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 July. In July 2019, ABLV Bank, AS in liquidation recovered assets amounting to EUR 25.8 million, while since the approval of the liquidation, there were assets amounting to EUR 636 million recovered.
Key financial data as at 31 July 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 636 million.
Since 3 March 2018, when the disbursement of guaranteed compensations for deposits were started to the clients of the Company, by the beginning of July 2019, it was received by 13,511 clients. In total there were EUR 434 million disbursed, which is 90% of the amount transferred by the Company to the Deposit Guarantee Fund.
In the reporting period, the Company continued verification of information provided by the creditors, recovery of assets and verification of buyers of those assets, as well as the 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.
As reported earlier, aiming to protect interests of clients and shareholders, as well as given the significant financial losses over an extended period of time, it was decided to support liquidation of ABLV Bank Luxembourg, S.A. On 2 July 2019, the Luxembourg Commercial Court decided to lift the protection mechanism previously imposed on ABLV Bank Luxembourg, S.A., and start the process of judicial liquidation. While on 3 July the Register of Enterprises of the Republic of Latvia made an entry in the Commercial Register about the commencement of liquidation of ABLV Capital Markets, AS, the subsidiary of the Company.
ABLV Group Communications Leader
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