Monitoring of ABLV Bank voluntary liquidation process and information to investors

  • Section:

Liquidators’ roles and responsibilities

  • ABLV liquidators’ roles and responsibilities are stipulated by the Credit Institution Law
  • ABLV liquidators have entered into an agreement with an international sworn auditors’ team from the firm Ernst&Young (EY), the main tasks of which are:
    • To draw up Methodology for monitoring AML/CTF/Sanctions compliance to prevent possible money laundering, infringement/circumvention of sanctions requirements in the pay-out and asset sales processes;
    • To carry out screening of creditors/potential purchasers of bank assets in line with the Methodology drawn up by EY and approved by the ABLV liquidators.

ABLV creditors’ reviews

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FCMC’s oversight:

  • To supervise ABLV asset management and compliance of voluntary liquidation process with laws and regulations
  • To monitor liquidators’ operations and their compliance with laws and regulations
  • To monitor compliance of voluntary liquidation process with AML/CTF/Sanctions requirements, including in the course of drawing up the Methodology and creditors’ review
  • To supervise whether the interests of creditors are protected within the voluntary liquidation process
  • To monitor compliance of the process with the ABLV Liquidation Plan, which formed the basis of the Commission’s decision (of 12.06.2018) to authorise the opening of ABLV voluntary liquidation.

Customer and creditor service and contact details:

Information on the voluntary liquidation process and key issues is available on the ABLV website.

In case any questions arise, the Commission invites at all times to reach ABLV first to obtain an answer. Contact details for ABLV available on the ABLV website.

For communication with ABLV, it is also proposed to use internet banking for receiving up-to-date information, sending applications and receiving statements. Information is available on the ABLV website.

Information to depositors

The Financial and Capital Market Commission (FCMC) would like to inform the customers of ABLV Bank AS in liquidation who have not yet applied for the guaranteed compensation that pursuant to Section 3, Paragraph four of the Deposit Guarantee Law, the depositors of ABLV Bank AS in liquidation who are eligible for the guaranteed compensation but who will have failed to apply for it by 23.59 on 23 February 2023 will lose the right of action against the Deposit Guarantee Fund of Latvia for the disbursement of the guaranteed compensation.

In the light of the above, the FCMC would like to encourage all depositors who are entitled to the guaranteed compensation and who have not applied for it yet to do so by 23.59 on 23 February 2023. This call for action does not apply to the depositors who are not entitled to the guaranteed compensation or who are subject to restrictions imposed on the disbursement of the guaranteed compensation.

Please note that AS Citadele banka ensures disbursement of the guaranteed compensation to depositors of ABLV Bank AS in liquidation. More information on the application procedure is available on the Citadele banka website.

Contact details for ABLV Bank clients regarding guaranteed compensation:

ABLV Bank client lines: +371 67775555, +371 67775222
ABLV Bank e-mail: info@ablv.com

FCMC client lines: +371 67 774 983, +371 67 774 831, +371 67 774 800, +371 67 774 801
FCMC e-mail: fktk@fktk.lv

All customers and creditors may submit to the FCMC their applications and claims on ABLV. This information will be processed by the FCMC in accordance with the procedures and timeframe specified in laws.

Contacts


Address:
Kungu iela 1, Riga, LV-1050
Phone:
6 7774800
E-mail:
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