Liquidators of ABLV Bank recover EUR 23.802 million in September

RIGA – Liquidators of Latvia’s ABLV Bank in September recovered assets worth EUR 23.802 million, which is 49.5 percent less than in August, according to a report published in Latvia’s official gazette Latvijas Vestnesis.

EUR 12.625 million were recovered from the loans issued by the bank, EUR 6.925 million were recovered from securities, EUR 4.865 million from loans issued to credit institutions, and EUR 17,000 from sale of other properties.

Thus, since June 13, 2018, when the bank’s voluntary liquidation process was launched, the bank’s liquidators have recovered EUR 103.937 million in total.

The liquidation costs in September were EUR 2.665 million. The total costs of the liquidation process so far reach EUR 12.507 million.

As of September 30, 2018, deposits with ABLV Bank reached EUR 1.6 billion. The bank’s loan portfolio stood at EUR 746.173 million.

The bank’s assets on September 30, 2018, reached EUR 2.364 billion.

The bank’s capital and reserves stood at EUR 308.819 at the end of September.

As reported, the Finance and Capital Market Commission, acting on the instructions from the European Central Bank, ordered ABLV Bank to stop all payments as of February 19 following a report by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury about ABLV Bank's involvement in international money laundering schemes and corruption. On February 24, the Finance and Capital Market Commission found an occurrence of unavailability of deposits at ABLV Bank.

Shareholders of ABLV Bank decided in February to start the liquidation process in order to protect interests of its clients and creditors. ABLV Bank believes that in this way it will be possible to ensure active protection of its customers, the bank said in a statement.

At the end of September 2017, ABLV Bank was the third largest bank in Latvia by assets. The bank's majority shareholders Olegs Fils, Ernests Bernis and Nika Berne own, directly and indirectly, 87.03 percent of the bank's share capital.