Banks, Financial Services, Latvia

The amount recovered in December reached EUR 11.22 mln, the bank said on its Internet website.

Krums said that by January 9 this year payments have been made to 2,862 creditors worth more than 193 mln.

The total costs of the Trasta Komercbanka insolvency procedure in have added up to EUR 13.73 mln.

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, 2016.

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, 2016, a 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 mln 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.