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”.
FCMC has made a decision on the procedure for the guaranteed compensation payments to the customers of JSC “PNB Banka” starting with 22 August 2019 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.
In accordance with Article 3 of the Deposit Guarantee Law providing that depositors may receive the guaranteed compensation within a five-year period from the date of the occurrence of unavailability of deposits in the credit institution, starting from 15.08.2024 depositors of the liquidated JSC “PNB Banka”, who are entitled to the guaranteed compensation but have not received it, will lose their right to the guaranteed compensation.
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
FCMC’s contact numbers for JSC “PNB Banka’s” customers:
• in Latvian: 67774831; 67774903
• in Russian: 67774933; 67774903
• in English: 67774831; 67774933
Regarding submission of creditor claims: +371 67041112
FCMC’s e-mail: email@example.com