Operative Report of ABLV Bank, AS in Liquidation for July 2020

Riga, Latvia, August 12, 2020, 10:36 / Banking

According to the provisions of the Law on Credit Institutions, ABLV Bank, AS (the Company) in liquidation is hereby publishing the operative report for July 2020. In July, asset recovery and reviews of the buyers continued, and, following the order set forth by the law, the Company carried on providing information and responses to all parties involved, including some Latvian and foreign institutions.

In July, the Company recovered funds in the amount of EUR 10.7 million, while since the commencement of liquidation a total of EUR 809.2 million have been recovered.

Key financial data as on 31 July 2020:

  • total assets: EUR 2.32 billion;
  • lodged creditors’ claims: EUR 2 billion;
  • capital and reserves: EUR 241.5 million;
  • total recovered assets: EUR 809.2 million.

By the end of July 2020, already more than 14 000 ex-clients of the Company had recovered their deposits. Mostly, those are clients with an account balance up to EUR 100 000, to whom payouts amounting to EUR 447 million in total have been made from the funds transferred by the Company to the Deposit Guarantee Fund.

In addition, work is in progress with more than 3000 largest account balance owners, the total of these balances reaching a little over EUR 2 billion. Payouts to creditors are made only after creditor compliance reviews are completed and there are no legal obstacles. Compliance reviews are performed by an international team of EY specialists, which, by the end of July, had initiated compliance reviews for 1 115 creditors, the total sum of claims amounting to EUR 513.9 million.

Full operative report of ABLV Bank, AS in liquidation for July 2020 is available here.