Banks, Financial Services, Latvia, Legislation

International Internet Magazine. Baltic States news & analytics Saturday, 04.07.2020, 05:25

Administrator of Latvijas Krajbanka recovers EUR 3,100 in May

BC, Riga, 25.06.2020.Print version
The insolvency administrator of the to-be-liquidated Latvijas Krajbanka, recovered EUR 3,133 in May 2020, which is 2.7 times more than a month before, according to a report published in the official gazette Latvijas Vestnesis, cites LETA.

In May 2020, all of the funds were recovered from loans issued by the bank.

The bank's administrator has thus recovered EUR 13,458 in the first five months of 2020.

The costs of the Latvijas Krajbanka insolvency procedure totaled EUR 29,458 in May 2020. The costs of the insolvency procedure reached EUR 163,220 in the first five months of this year.

The bank’s debt to the Deposit Guarantee Fund did not change from January 2020 and stood at EUR 173.426 million in late April, unchanged from March.

Latvijas Krajbanka's assets were worth EUR 11.246 million at the end of May.

The bank's capital was negative at minus EUR 464.824 million at the end of May 2020.

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 was started.

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

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