ABLV Bank is no longer, but bonds remain in Latvia

The decision of the European Central Bank to cancel the ABLV Bank license came into effect on Wednesday, 11 July, midnight Latvia time.

Has opened a series of liquidations on the current scene of the bank that began on February 13. Many drama series have already been played, during which the liquidation of the bank is turned into liquidation. "This is a planned and logical step in the bank's self-winding process, and it does not affect the self-liquidation process." Concludes Peters Committee Chairperson Putnins

The practical consequences of the decision of the European Central Bank are the exclusion of the ABLV bank from the payment and settlement system TARGET 2 – Automated Real Time Automated Express Transfer System in Europe. It is no longer possible to make direct payments on accounts included in the IBAN included in the AIZK, as well as on the current accounts of all ABLV Bank customers closed on Thursday. However, further settlement is also necessary for the implementation of self-liquidation.Therefore, ABLV Bank has already opened current accounts with other credit institutions that the bank liquidators are now informing. customers and partners

The decision of the European Central Bank does not affect the treatment of claims by ABLV Bank creditors. The deadline to apply for creditors is September 18 of this year. Subsequently, the badessment of these claims will commence under the supervision of the CFMC and early next year the bank will start clearing debts not suspected by the applicants and the applicants.

By cons, the cancellation of the license does not remove the obligation of bank debtors to cover their debts.