Banks, Financial Services, Latvia, Legislation

In August 2017, the whole sum was recovered from loans.

This brings the total amount recovered in the first eight months of this year to EUR 4.86 million.

The costs of the Latvijas Krajbanka insolvency procedure totaled EUR 234,900 in August and EUR 1.204 million in the first eight months of this year.

The bank's capital was negative at minus EUR 499.619 million in late August.

Latvijas Krajbanka's assets at the end of August stood at EUR 38.382 million.

On November 21, 2011, the Latvian financial watchdog, the Finance and Capital Market Commission (FKTK), ordered Latvijas Krajbanka to suspend all financial services. The decision was made due to a shortage of assets discovered at the bank, and a criminal proceeding has been started.

The Riga Regional Court declared Latvijas Krajbanka insolvent on December 23, 2011. On May 8, 2012, the court ruled to satisfy the request by KPMG Baltics auditing firm, which had been appointed the insolvency administrator of Latvijas Krajbanka, to start the bankruptcy procedure against the bank. Latvijas Krajbanka's banking license was annulled on May 10, 2012.