DECISION REGARDING PAY-OUT OF GUARANTEED COMPENSATIONS TO ABLV Bank AS DEPOSITORS

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REGARDING PAY-OUT OF GUARANTEED COMPENSATIONS TO ABLV Bank AS DEPOSITORS  

SECTION TO BE PUBLISHED:

On 27.02.2018 the Board of the Financial and Capital Market Commission adopted decision No.45 “Regarding pay-out of guaranteed compensations to ABLV Bank AS depositors” pursuant to which it was decided:

1. To require ABLV Bank AS to transfer the amount necessary for the pay-out of guaranteed compensations to the current account of the Commission at the Bank of Latvia by 28.02.2018.

2. To establish that the joint stock company Citadele banka complies with the requirements proposed by Section 25, Paragraph 4 of the Deposit Guarantee Law and acquires the right to enter into a contract with the Commission regarding the pay-out of guaranteed compensations to ABLV Bank AS depositors, who have the right to receive guaranteed compensation in accordance with the provisions of the Deposit Guarantee Law.

3. To conclude a contract with the joint stock company Citadele banka regarding the pay-out of guaranteed compensations to depositors of the Bank by 01.03.2018.

4. To require the joint stock company Citadele banka to begin pay-outs of guaranteed compensations to ABLV Bank AS depositors who have the right to receive guaranteed compensation in accordance with the Deposit Guarantee Law no later than 07.03.2018, on the basis of the information available in the accounting registers of the Bank on the day of the occurrence of the unavailability of deposits, according to the following procedure: 

4.1 a guaranteed compensation to one depositor shall be paid in a single payment;

4.2 if the amount of the guaranteed compensation does not exceed 1000 euro, according to the choice of the depositor, it shall be paid in cash by applying the commission fee for pay-outs, in accordance with the price list for services of the joint stock company Citadele banka;

4.3 if the amount of the guaranteed compensation exceeds 1000 euro, it shall be paid out via wire transfer to the current account specified by the depositor him/herself by applying a commission fee for the transfer (if any is charged), in accordance with the price list for services of the joint stock company Citadele banka;

4.4 to accept applications for pay-out of guaranteed compensations at the joint stock company Citadele banka and branches thereof: “Citadele” (Riga, Republikas laukums 2 A), “Laimdota” (Riga, Krišjāņa Barona iela 20-1), customer service centre “MOLS” (Riga, Krasta iela 46), customer service centre “Skanste” (Riga, Skanstes iela 50) and Jurmala branch (Jurmala, Jomas iela 30) during working hours.

5. To require ABLV Bank AS to submit to the Commission on 01.03.2018 the adjusted list of depositors regarding their status as of 18:00 on 28.02.2018, showing the clearings performed after 24.02.2018 at 00:00.

6. In accordance with Section 25, Paragraph 6 of the Deposit Guarantee Law, to publish information regarding the procedure, time and place of the pay-out of guaranteed compensations in the official publication Latvijas Vēstnesis.

7. To send this decision to ABLV Bank AS and the joint stock company Citadele banka.

In accordance with Section 32 of the Deposit Guarantee Law and Section 76, Paragraph 2 of the Administrative Procedure Law, this administrative deed may be disputed to the Financial and Capital Market Commission or, in accordance with Section 188, Paragraph 2 of the Administrative Procedure Law, an application regarding a dispute of the administrative deed issued by the Financial and Capital Market Commission may be submitted to the Administrative Regional Court (Baldones iela 1A, Riga).

 

In accordance with Section 25, Paragraph 7 of the Deposit Guarantee Law, disputes of the present administrative deed shall not suspend its operation thereof.

In accordance with provisions of Section 31 of the Deposit Guarantee Law, complaints regarding recognition of a person as a depositor to whom the guaranteed compensation shall be paid, as well as the amount of the guaranteed compensation and terms of pay-out, shall be reviewed by the Financial and Capital Market Commission (Kungu iela 1, Riga, LV-1050).

 

P. Putniņš 

Chairman of the Financial and Capital Market Commission

 

 

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