Liquidators “ABLV Bank“In August this year, the liquidators recovered assets in the amount of 9.99 million euros, which is 6.3% less than a month earlier, according to the information published by the bank.
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Of these, 9.292 million euros were recovered from issued loans in August 2020, and 698 thousand euros were recovered from other assets.
Thus, in eight months of this year, the liquidators of ABLV Bank have recovered EUR 69.929 million, but since June 13, 2018, when the bank’s self-liquidation process began, the liquidators of ABLV Bank have recovered EUR 819.189 million, including EUR 355.493 million in 2018. In 2019 – 393.767 million euros.
At the same time, ABLV Bank’s liquidation expenses in August this year amounted to 1.929 million euros, including salaries paid to employees and severance pay, including taxes, amounted to 766,000 euros, cash and financial instruments custody expenses amounted to 745,000 euros, necessary expenses for bank property maintenance and necessary for the maintenance of work premises during the liquidation – 254,000 euros, the remuneration of the liquidators, including taxes – 112,000 euros, but other liquidation expenses were 52,000 euros.
Thus, in the first eight months of this year, the bank’s liquidation expenses total 24.663 million euros, but since the beginning of the bank’s self-liquidation process, ABLV Bank’s liquidation expenses total 82.582 million euros, including 201.046 million euros in 2018 and 36.873 million euros in 2019. euro.
The report also shows that on 31 August 2020, the claims of creditors filed by ABLV Bank amounted to 1.996 billion euros.
At the end of August, ABLV Bank’s cash and demand deposits with central banks amounted to 1.237 billion euros, the bank’s claims on credit institutions amounted to 454.95 million euros, the bank had issued 339.8 million euros in loans, and investments in the share capital of related and associated companies amounted to 141.74 million, while investments in financial instruments amounted to 93.917 million euros.
In total, ABLV Bank’s assets on 31 August this year amounted to 2.302 billion euros.
At the end of August, the bank’s capital and reserves amounted to 240.061 million euros, including reserves and retained earnings of 67.523 million euros, while losses in the first eight months of this year amounted to 48.837 million euros.
At the end of August, ABLV Bank’s contingent liabilities amounted to EUR 645,000.
The statement also states that by the end of August, more than 14,000 former bank customers had fully recovered their deposits with the bank. These are mainly customers with account balances of up to EUR 100,000, to whom a total of EUR 448 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, with account balances totaling just over € 2 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 August had started inspections of 1,313 creditors for a total amount of 586.9 million euros.
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, the shareholders of ABLV Bank decided to self-liquidate at the extraordinary meeting on February 26, 2018. Financial and capital market commissions On 12 June 2018, the Supervisory Board authorized ABLV Bank 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 after ASV The Ministry of Finance’s Financial Crime Prevention Network (“FinCEN”) announced in mid-February 2018 that it intended to impose sanctions on ABLV Bank for money laundering schemes that had helped North Korea 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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