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Administrator of PNB Banka recovers EUR 576,000 worth of assets in September

BC, Riga, 26.10.2020.Print version
The administrator of the insolvent PNB Banka recovered EUR 576,000 of the bank's money in September 2020, which is 19 times less than a month before, writes LETA, according to the statement published in the Latvian official gazette Latvijas Vestnesis.

In September 2020, EUR 425,000 were recovered from loans issued by the bank, EUR 58,000 were recovered from securities, EUR 7,000 from selling movables and other items and EUR 86,000 from other assets.

Thus, the amount recovered in the first nine months of this year is EUR 46.567 million and a total of EUR 72.051 million have been recovered since September 12, 2019, when the bank was declared insolvent.

The costs of the bank's insolvency process were EUR 719,000 in September 2020. The bank's total insolvency costs have grown to EUR 13.517 million since the bank was declared insolvent.

As at September 30, 2020, PNB Banka held EUR 12.668 million worth of guaranteed deposits, down EUR 695,000 from a month before. Other deposits at the bank were worth EUR 137.014 million. The assets of the bank were worth EUR 224.879 million at the end of September.

The bank's capital and reserves were negative at EUR 173.521 million.

As reported, the Financial and Capital Market Commission on August 15, 2019, suspended PNB Banka’s financial services, including the execution of customer payments, in order to avoid an outflow of the bank’s funds.

The European Central Bank (ECB) has assessed that PNB Banka in Latvia was failing or likely to fail in accordance with the Single Resolution Mechanism Regulation. According to the ECB, the bank has been in breach of capital requirements since the end of 2017.

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