Banks, Financial Services, Latvia, Legislation

In May, the bank's liquidator recovered EUR 1.243 million from loans issued by the bank, EUR 12,000 were recovered by selling real estate, and selling other movable and immovable assets provided EUR 17,949.

The total amount recovered since the launch of the bank's liquidation on March 14 is EUR 60.188 million.

The total costs of the liquidation procedure amounted to EUR 1.012 million in May.

The report shows that on May 31, 2016, there were guaranteed deposits worth EUR 17.791 million in the bank, and other deposits amounted to EUR 234,489 million. The debt securities issued by the bank amounted to EUR 10.08 million.

At the end of May, the bank's loan portfolio was worth EUR 80.303 million.

Trasta Komercbanka's assets stood at EUR 282.004 million at the end of May (EUR 287.236 million in late April).

Its capital and reserves stood at EUR 17.95 million in late May.

As reported, the European Central Bank (ECB) has revoked  Trasta Komercbanka's license, based on a proposal submitted to the ECB by the Financial and Capital Market Commission, and the bank's operations were halted on March 3.

According to the Financial and Capital Market Commission, Trasta Komercbanka has been operating with losses for a long period and has no viable business model or development strategy adequate to the situation. In addition, serious and sustained breaches of the anti-money laundering and counter-terrorist financing regulations were identified in the bank's activities.

On March 14 the court in Riga ruled to begin the liquidation process of Trasta Komercbanka and appointed a liquidator, lawyer Ilmars Krums.

According to preliminary results, Trasta Komercbanka closed 2015 with EUR 4.663 million in loss, down 2.7 times from 2014.At the end of September 2015, Trasta Komercbanka was the 12th largest Latvian bank by assets, and the 13th largest bank by attracted deposits, according to the Latvian Association of Commercial Banks.