Home > Luxembourg > BANK LUXEMBOURG – ABLV BANK LUXEMBOURG OFFICIALLY FAILING

BANK LUXEMBOURG – ABLV BANK LUXEMBOURG OFFICIALLY FAILING

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keywords: bankruptcy bank, deposit security guarantee, fgdl deposit guarantee fund luxembourg.

It is official since this Sunday 25 February 2018, the Deposit Guarantee Fund Luxembourg (FGDL) is officially activated to protect the depositors of the Luxembourg branch of the bank ABLV, a bank from Latvia.

As of today the depositors of ABLV Bank Luxembourg are protected up to 100,000 euros per person, regardless of their country of origin or nationality. Subject to providing the FGDL with a bank account number of a bank other than ABLV Bank Luxembourg, the Deposit Guarantee Fund Luxembourg will refund deposits within seven days.

The news of the activation of the Luxembourg Deposit Guarantee Fund comes the day after the decision of the European Central Bank (ECB) to no longer support the Latvian bank as a whole (including the Luxembourg branch) and to officially declare it in default.

The Latvian bank is described by the US authorities as a “major money-laundering” bank involved in illegal weapons development programs in North Korea.

The liquidation of ABLV Bank Luxembourg will be supervised by the Financial Sector Supervisory Commission (CSSF).

Photo credit: theworldnews.net

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