The Commission to assess the specified solution to the JSC „Latvijas Krājbanka” insolvency

31.01.2012
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Riga, 31.01.2012

Press release

The Commission to assess the specified solution to the JSC „Latvijas Krājbanka” insolvency

On January 30, the Financial and Capital Market Commission (hereinafter – the Commission) received a specified solution to the JSC “Latvijas Krājbanka” (hereinafter – the Bank) insolvency submitted by the Bank’s insolvency administrator SIA “KPMG Baltics” (hereinafter – KPMG).

KPMG evaluated all the proposals submitted for the recovery of the Bank but none of them was accepted as workable. Therefore KPMG proposes the Bank’s bankruptcy as a suitable insolvency solution.

The Commission will decide on the accepting or rejecting of the KPMG decision within 30 days i.e. no later than 22 February 2012.

If the Commission decides on accepting the administrator’s decision, KPMG will proceed to file a bankruptcy petition against the Bank to the court and the latter will decide on launching bankruptcy proceedings.

After the Commission decides either to accept or reject the KPMG decision it will communicate a final decision promptly.

For additional information:
Agnese Līcīte
Public Relations Specialist
Financial and Capital Market Commission’s Office 
Phone: +371 67774808
E-mail: agnese.licite@fktk.lv

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