PNB bank has license pulled by ECB five months after request was made

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The European Central Bank (ECB) decided to withdraw the authorisation of JSC "PNB Banka" February 17, a full five months after it was proposed by Latvia's financial regulator, the Financial and Capital Market Commission (FKTK).

The FKTK submitted the proposal to the ECB on September 12 last year, following a decision three days earlier by the City of Riga Vidzeme District Court to declare the Bank insolvent.

On August 15, 2019 the FKTK decided to suspend the provision of financial services by the Bank, following the decision on the same day by the ECB, the direct supervisor of the Bank, that declared the Bank as failing or likely to fail, and the decision by the European Single Resolution Board not to take actions to stabilize the Bank’s activities.

On September 19, 2019, Vigo Krastiņš, the administrator of Bank’s insolvency process published a statement on the Bank’s insolvency in the official gazette “Latvijas Vēstnesis”, which marked the beginning of a three-month timeframe for the submission of creditors’ claims (available in Latvian):

"The submission of creditors’ claims was completed last December. Currently, the process of aggregation and assessment of documents is ongoing to enable calling the first creditors’ meeting in the near future. The withdrawal of the Bank’s authorisation does not affect this process," said the FKTK in its statement.

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