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FCMC to announce decision regarding ABLV Bank’s self-liquidation plan in May

Publicity photo.
Finance and Capital Market Commission plans to announce its decision regarding ABLV Bank’s self-liquidation plan in May, as confirmed by FCMC Communication Office manager Ieva Upleja.


«FCMC is busy evaluating the plan itself and associated costs – the bank’s ability to cover commitments before creditors and liquidators. Important information and documents were submitted to FCMC in the past several weeks. Our initial estimates have changed since then,» said Upleja.
 

She notes that with each new document submitted for review, the starting point for evaluation is set 30 days back. «We have to evaluate all incoming information,» Upleja said.
 

She also explains that the final report will require more time, because European Central Bank is involved in the process.
 

«We are confident FCMC’s opinion on the matter will become available in May,» said Upleja.
 

ABLV Bank submitted the plan for self-liquidation to FCMC on 5 March. FCMC had previously mentioned that without the need for additional information, the institution would review already submitted information within no more than 30 days.
 

If FCMC decides the bank’s self-liquidation project is acceptable, a request will be submitted to European Central Bank to revoke the bank’s licences. Once ECB has revoked the bank’s licences, ABLV Bank will be able to commence the self-liquidations process.

BNN/LETA

14-05-2018
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