Nearly 9 million euros paid to ABLV clients in 2 days

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Account holders with liquidated bank ABLV have received nearly 9 million euros during the first two days of paying out compensation via Citadele bank, Peters Putnins, chairman of Latvia's financial regulator the Financial and Capital Market Commission (FKTK) told Latvian Radio March 5.

"The total amount is just over 470 million [euros], and if I am not mistaken, 8.9 million has been paid in the first two days," said Putnins.

He acknowledged that the interest in receiving guaranteed remuneration during the past two days had not been particularly high, but it should be noted that payments started over the weekend when people were on holiday.

"I think it's right that people do not run on the first day all at once. Clearly, this is a guaranteed payment, it can be received over a long period of time," Putnins added. 

ABLV had around 22,000 clients, 14,000 of whom were overseas or non-resident clients and who are all eligible for compensation of up to 100,000 euros. 

State-guaranteed compensation disbursements to ABLV Bank clients is being provided by Citadele Bank. Compensation will be available until the 3rd of March 2023.

Citadele Bank Chairman of the Board Guntis Beļavskis said: “Latvian legislation stipulates the payment of state-guaranteed compensation, and, in the case of ABLV Bank, this involves several thousand local businesses and private clients who cannot currently access their money. Our experience and reputation in AML and compliance, as well as our previous experience and collaboration with the Deposit Guarantee Fund in providing state-guaranteed compensation will allow us to complete this task to a high quality.” 

Citadele Bank will receive the money and depositors’ details from the Deposit Guarantee Fund. 

“Our task is to ensure that the process of disbursing money to ABLV Bank clients is as convenient as possible. To achieve this, Citadele employees will be working on an increased schedule, including during weekends. At the same time, we will ensure that, during the disbursement period, all Citadele clients are served efficiently,” said Beļavskis. 

Where to apply to receive state-guaranteed compensation

Local Latvian ABLV Bank depositors can apply for state-guaranteed compensation through Citadele’s online bank or in one of five bank branches in Riga and Jurmala.

Latvian residents and local busineses can apply to open a Citadele account in their most convenient Citadele branch throughout Latvia and subsequently apply for their compensation through internet banking. There are a total of 30 Citadele branches in Latvia. State-guaranteed payment will be transferred to any bank account indicated by the client. 

Additionally, disbursement of state-guaranteed compensation will be provided at five Citadele branches which will stay open this weekend specifically for this purpose. These are: the “Citadele” branch (Riga, Republikas laukums 2A,) KAC “Skanste” (Riga, Skanstes iela 50,) KAC “Mols” (Riga, Krasta iela 46,) the “Laimdota” branch (Riga, Kr. Barona iela 20-1,) as well as the Jurmala branch (Jurmala, Jomas iela 30.) The working hours of these branches on the 3rd and 4th of March will be from 10:00 to 19:00. 

ABLV clients are being advised to book an appointment ahead of time by calling the 24-hour phone number created specifically for this purpose: +371 67010076, or through Citadele’s website 

Meanwhile, international clients can receive their state-guaranteed compensation at the “Citadele” branch (Riga, Republikas laukums 2A.) International clients are also invited to book an appointment with the bank in advance by calling the 24-hour phone number, +371 67010076, or through Citadele’s website,

More information is also available at the FKTK website HERE.

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