The FCMC submitted the proposal to the ECB on 12.09.2019, taking into account the decision of 12.09.2019 by the City of Riga Vidzeme District Court to declare the Bank insolvent. It is recalled that on 15.08.2019 the FCMC decided to suspend the provision of financial services by the Bank, following the decision of 15.08.2019 by the ECB, the direct supervisor of the Bank, that declared the Bank as failing or likely to fail, and the decision by the European Single Resolution Board not to take resolution of the Bank, i.e. not to take actions to stabilize the Bank’s activities.
The decision taken by the ECB took effect on the day following that of its notification to the Supervised Entity.
On 19.09.2019, Vigo Krastiņš, the administrator of Bank’s insolvency process published a statement on the Bank’s insolvency in the official gazette “Latvijas Vēstnesis”, which marked the beginning of a three-month timeframe for the submission of creditors’ claims (available in Latvian): https://www.vestnesis.lv/op/2019/191.KM8.
The submission of creditors’ claims was completed last December. Currently, the process of aggregation and assessment of documents is ongoing to enable calling the first creditors’ meeting in the near future. The withdrawal of the Bank’s authorisation does not affect this process.
Financial and Capital Market Commission
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