ABLV Bank Luxembourg, S.A. Can Meet All of Its Obligations Towards Clients

Riga, Latvia, February 23, 2018, 16:49 / Banking

Today, the Luxembourg District Court postponed for a second time to February 28th, 2018 the hearing in relation to the request of the Commission de Surveillance du Secteur Financier to suspend the debit operations of the ABLV Bank Luxembourg, S. A. clients to protect the bank and stabilise the situation.

ABLV Bank, AS emphasises that ABLV Bank Luxembourg, S.A. is currently able to meet all of its obligations towards clients. The liquidity of the Luxembourg bank fully covers the amount of its clients’ deposits. The bank is able to reimburse its liabilities towards all of its clients; however, some key Luxembourg counterparties have decided to block ABLV Bank Luxembourg, S.A. USD accounts.

With the report of the Financial Crimes Enforcement Network targeting the Latvian shareholder, ABLV Bank Luxembourg, S.A. was not accused of any wrongdoing.

Most of the clients expressed their strong commitment to increase the cash buffer of ABLV Bank Luxembourg, S.A. by placing long-term deposits or buying securities from the bank’s disposable securities portfolio.