Further to the recent announcement of ABLV, in accordance with the Deposit Guarantee Law, there are available for payment up to EURO 100 000 guaranteed deposits to each eligible client from Deposit Guarantee Fund.
ABLV has sufficient amounts of liquid assets to ensure repayment of all sums; therefore, the Bank has already transferred more than EUR 480 million to the Fund for disbursement guaranteed compensations.
1. State-guaranteed compensation disbursement to ABLV Bank clients will is provided by Citadele Bank as the intermediary bank for the purpose of payments of March 3rd.
Citadele Bank will receive an ABLV Bank client register details from the FCMC which will show the clients’ information as well as how much must be paid to each client, up to EURO 100.000.
All payments will be made in EURO currency and deposits in other currencies will be calculated into Euro.
Clients whose total deposit sum with ABLV Bank is more than the 100,000 Euro limit set by the state can submit their claims as creditors as part of the ABLV Bank liquidation process.
2. Who can receive state-guaranteed compensation.
In accordance with the Deposit Guarantee Law, ABLV Bank’s Latvian and international clients – private customers and legal persons – with deposits at ABLV Bank can receive state-guaranteed compensation. State-guaranteed compensation applies to all deposited funds – term deposits, current accounts, wage accounts, savings accounts, etc. (not including financial instrument accounts).
State-guaranteed compensation can be issued via transfer to the client’s bank account at Citadele or any other bank.
3. By law, guaranteed compensation is not issued:
For deposits with no transactions in 2 years, for deposits linked with money laundering, credit and financial institutions, insurance companies, private pension funds, investment firms and investment broker companies.
4. International clients and relevant necessary documentation.
a. Private customers: Would need to present valid passport and representatives of a private customer to present authorized representation documentation eligible to represent the private customer.
b. Legal persons: would need to present valid passport valid, and representatives of a legal person to present authorized representation documentation eligible to represent the legal person.
i. Director’s appointment decree and/or notarized power of attorney)
ii. Registration certificate, statutes (current edition) and certification of the rights to represent a legal person
iii. Document certifying the legal person’s active status
5. How we can help:
Our firm has 17 years of experience firm in the area of banking and the particular as legal representatives of big a number of clients following revocation of banking license of FBME Bank and Trasta Komercbanka for the successful payment of state guaranteed funds of up to EURO 100.000, and continuation of legal measures for recovery of further amounts following future liquidation procedures.
We are fully organized and capable in providing the same services in the case of ABLV, from representing any client through our native Latvian legal expert who has been in our legal team in the procedures of both FBME and Trasta Komercbanka for successful returns of deposits to our clients.
Our services would be the following:
i. Full representation before Citadele Bank for recovery of the guaranteed deposits of up to EURO 100.000.
ii. Opening on behalf of our clients of new bank account in a bank in Cyprus, or in another bank in Europe, for a private person or for a company for transfer of amounts up to EURO 100.000 from Citadele Bank, and remaining funds during liquidation process.
iii. Legal representation in the liquidation procedure of ABLV in Latvia until the full recovery of all deposited amounts.
We shall be at your disposal for anything we could be of assistance.
