Court of Justice of the EU rejects ABLV Bank's appeal about the decision that lead to bank's liquidation

  • 2021-05-07
  • LETA/TBT Staff

RIGA - The Court of Justice of the European Union (CJEU) on May 6 rejected the appeal of ABLV Bank of the European Central Bank's (ECB) and Single Resolution Board's (SRB) decision of February 23, 2018, after which the bank's shareholders made a decision on liquidation of the bank, LETA learned from the court.

The bank in 2018 asked the court to see whether the EU institutions were allowed to make decisions on liquidation of the bank and whether the EU institutions assessed the bank's financial situation accordingly.

On May 6, 2019, the CJEU rejected the bank's claim and ruled that the bank should cover court expenses for the ECB.

The bank filed an appeal, asking to lift the earlier CJEU decision.

ABLV Bank and its largest shareholders on May 3, 2018, filed two claims against ECB and two against SRB on their decisions that the bank was failing or likely to fail, which lead to liquidation of the bank.

ABLV  Bank's representatives told LETA that the bank will continue to defend its interests at European courts.