13 Sep 2017 09:41 |Category:  LAT English 1st page news

Administrator of Trasta Komercbanka recovers EUR 9,670 in August

RIGA, Sep 13, BNS - The administrator of the to-be-liquidated Trasta Komercbanka recovered EUR 9,670 of the bank's money in August 2017, which is several times less than the month before, according to the statement published in the Latvian official gazette Latvijas Vestnesis.

In August, the entire amount was recovered from the loans issued by the bank.

The bank's administrator has thus recovered EUR 24.931 million since the beginning of this year and EUR 136.873 since March 14, 2016, when a court ordered the bank's liquidation.

The bank's insolvency process cost EUR 27,905 in August 2017. The costs of the insolvency process have reached EUR 4.245 million so far this year and EUR 15.172 million since March 14, 2016.

In late August 2017, Trasta Komercbanka held EUR 6.54 million worth of guaranteed deposits, unchanged month-on-month. Other deposits at the bank were worth EUR 80.677 million, and the debt securities issued by the bank were worth EUR 10.082 million.

The value of the bank's loan portfolio stood at EUR 9.885 million at the end of August, up from EUR 9.751 at the end of July.

The assets of Trasta Komercbanka were worth EUR 48.845 million at the end of August, up from EUR 48.804 million in late July.

The bank's capital and reserves were negative, at minus EUR 51.213 million at the end of August this year.

As reported, the European Central Bank (ECB) has revoked Trasta Komercbanka's license, based on a proposal submitted to the ECB by the Latvian financial watchdog, 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, but on March 10, 2017, the court declared the bank insolvent and started a bankruptcy proceeding.

BNS, +371 67088611, zinas@bns.lv

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