The European Central bank (ECB) as a direct supervisor of JSC “PNB Banka”, on 15th of August, 2019 decided to recognize the bank as failing or likely to fail financial institution. Whereas the European Single Resolution Board (SRB) has decided not to take resolution of JSC “PNB Banka”, which means not to take actions to stabilize the Bank’s activities. Having regard of above and with a view of protecting the deposits of bank’s customers, the Board of the Financial and Capital Market Commission (FCMC) at an extraordinary meeting decided to suspend the provision of financial services and decided on the unavailability of deposits at JSC “PNB Banka”.
The Financial and Capital Market Commission (hereinafter – the FCMC) has made a decision on the procedure for the guaranteed compensation payments to the customers of JSC “PNB Banka” starting with 22 August of this year and entrusting the payments of guaranteed compensation to JSC “Citadele banka”. Thus the disbursement of the guaranteed compensation to the customers of JSC “PNB Banka” will be started on the fifth working day following the occurrence of the unavailability of deposits, identified by the FCMC’s decision on 15 August 2019.
AS PNB Banka: SRB Decides No Resolution Required: https://srb.europa.eu/en/node/814
ECB has assessed that AS PNB Banka in Latvia was failing or likely to fail: https://www.bankingsupervision.europa.eu/press/pr/date/2019/html/ssm.pr190815~b8e2038aa9.en.html
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