Pēters Putniņš: Licence of ABLV Bank AS is withdrawn, voluntary liquidation of bank under FCMC supervision

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The European Central Bank (ECB) has adopted a decision to withdraw the authorization of ABLV Bank AS (hereinafter – the Bank). The ECB decision is made following a proposal of the Financial and Capital Market Commission of the Republic of Latvia (FCMC) submitted for consideration to the ECB, based on the 05.03.2018 decision by the Bank’s shareholders’ meeting regarding their intent to implement a voluntary liquidation procedure, as well as a proposed draft voluntary liquidation plan and the 12.06.2018 decision adopted by the FCMC to authorise the commencement of voluntary liquidation process.

FCMC Chairman Pēters Putniņš: ”This is an intentional and logical step in the process of Bank’s voluntary liquidation and it does not in any way affect the course of voluntary liquidation. The FCMC continues supervision of the voluntary liquidation process according to the approved plan and procedures.”

On 12.06.2018 the FCMC submitted to the ECB a draft decision on the withdrawal of Bank’s licence. The ECB decision took effect on 11.07.2018 at 24:00 (Latvian time).

The liquidator published a communication on the liquidation of the Bank in the official gazette “Latvijas Vēstnesis” on 18.06.2018, which marked the beginning of a three-month period for submission of creditors’ claims. Submission of creditors’ claims still continues and the process is not affected by the withdrawal of the authorization of the Bank.

The voluntary liquidation of the Bank (not a compulsory liquidation by a court decision), which is monitored by the FCMC, ensures a comprehensive FCMC’s involvement and control enforcement – the FCMC will further monitor the management of Bank’s assets and sales transactions throughout the course of the process. For more details please visit: http://www.fktk.lv/en/media-room/other-publications/fcmc-in-control-of-ablv-bank-as-voluntary-liquidation-procedure.html

Further information:
Dace Jansone
Senior Public Relations Specialist
FCMC Communications Division
Phone: + 371 67774808; e-mail: dace.jansone@fktk.lv


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