FCMC imposes restrictions on payments by ABLV, Bank AS based on the ECB instruction
Following the European Central Bank’s (ECB) instruction No ECB-SSM-2018-FCMC-1, the Financial and Capital Market Commission (FCMC) during an extraordinary meeting on 18 February 2018 adopted a decision to set temporary restrictions on payments by ABLV Bank, AS, prohibiting debit operations in all currencies in the accounts of Bank customers.
The Bank must ensure that entry of the customer payment orders into the Bank’s system is suspended as well as debit transactions are not executed with a value date as of midnight 19 February 2018.
FCMC Chairman Pēters Putniņš: “This is a decision of the European Central Bank, and we have accepted it based on the ECB instruction. The key role of the financial supervision authorities is the overall stability in the sector; mainly that has been taken into account in agreeing to adopt this decision. We will continue cooperating with the ECB in further supervision and inform about developments “.
The ECB pointed out that the decision was necessary to give ABLV Bank, AS time to take steps towards the stabilization of current situation.
A group of FCMC authorized persons are now working at ABLV Bank, AS for monitoring and liaison purposes.
Restrictions on ABLV Bank, AS entered into force at the midnight of 19 February 2018, and will be effective until a further decision of FCMC.
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