Liquidators “ABLV Bank“In February of this year, the liquidators recovered assets in the amount of 13.577 million euros, which is 29.1% more than a month earlier, according to the information published by the bank.
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Of which, 10.202 million euros were recovered from securities in February 2021, 3.368 million euros were recovered from issued loans, and 7,000 euros were recovered from other assets.
Thus, in the first two months of this year, the liquidators of ABLV Bank have recovered EUR 32.738 million, but since June 12, 2018, when the bank’s self-liquidation process began, the liquidators of ABLV Bank have recovered EUR 891.795 million, including EUR 355.493 million in 2018. In 2019 – 393.767 million euros, but in 2020 – 109.797 million euros.
At the same time, ABLV Bank’s liquidation expenses in February this year amounted to 2.176 million euros, including salaries and severance pay, including taxes, of 1.078 million euros, cash and financial custody expenses of 728,000 euros, necessary expenses for maintaining the bank’s property and necessary for the maintenance of work premises during the liquidation – 212,000 euros, the remuneration of the liquidators, including taxes – 112,000 euros, but other liquidation expenses were 46,000 euros.
Thus, in the first two months of this year, the bank’s liquidation expenses total 6.02 million euros, but since the beginning of the bank’s self-liquidation process, ABLV Bank’s liquidation expenses total 100.325 million euros, including 201.046 million euros in 2018 and 2019 million in 2019. EUR 36.873 million and in 2020 EUR 36.386 million.
The report also shows that on 28 February 2021, ABLV Bank’s claims against creditors amounted to EUR 1.941 billion, which is 1.3% less than at the end of last year, when claims submitted to creditors amounted to EUR 1.966 billion.
At the end of February, ABLV Bank’s cash and demand deposits with central banks amounted to EUR 1.239 billion, the bank’s claims on credit institutions amounted to EUR 440.487 million, loans to the bank amounted to EUR 309.705 million, investments in associates and associates amounted to EUR 141.458 million, and investments in financial instruments amounted to EUR 94.014 million.
In total, ABLV Bank’s assets on February 28 this year amounted to 2.237 billion euros.
At the end of February, the bank’s capital and reserves amounted to 238.222 million euros.
At the end of February, ABLV Bank’s contingent liabilities amounted to EUR 95,000.
The published information also states that by the end of February 2021, more than 14,300 former customers of the bank had recovered their deposits with the bank. These are mainly customers with account balances up to EUR 100,000, to whom a total of EUR 449.8 million has been paid out of the amount transferred to ABLV Bank in the Deposit Guarantee Fund.
Work is also underway with the owners of more than 3,000 major account balances, totaling € 1.94 billion. Payments of creditors’ claims are made only if, after the inspection, the obstacles specified in regulatory enactments for the performance of such costs are not established. The inspections are carried out by an international team of consultants hired by the bank from Ernst & Young, which by the end of February 2021 had started inspections of 2,579 creditors for a total amount of 1.52 billion euros.
It has already been reported that in order to maximally protect the interests of customers and creditors and taking into account the decision of the European Central Bank to initiate liquidation proceedings, ABLV Bank shareholders decided to liquidate at the extraordinary meeting on February 26, 2018. On June 12, ABLV Bank was allowed to start the announced self-liquidation process. As of July 12, 2018, the European Central Bank has revoked the license issued by ABLV Bank.
ABLV Bank’s problems arose in the United States Ministry of Finance The Financial Crime Prevention Network (“FinCEN”) announced in mid-February 2018 that it plans to impose sanctions on ABLV Bank for money laundering schemes that have contributed to North Korea’s nuclear weapons program, as well as illegal activities in Azerbaijan, Russia and Ukraine. The report published by FinCEN also states that until 2017, the management of ABLV Bank used bribery to influence officials in Latvia, trying to prevent legal actions against it and reduce the threat to their high-risk activities. ABLV Bank has rejected the allegations.
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