On 2 September, convening in a closed sitting, the City of Riga Vidzeme District Court examined the insolvency application of AS PNB Banka submitted by the Financial and Capital Market Commission (FCMC). The court will deliver its judgement on 12 September.

Anna Verbicka – Board member of AS PNB Banka: ”Today the major dispute in the court evolved around appraisal of the assets of PNB Banka. FCMC bases the insolvency application on the supervisory assessment by the European Central Bank (ECB) that has not been filed with the court. On its part, the Bank provided evidence substantiating value of its assets and their representation in the balance-sheet.

We hope that the court will take into account all the arguments that PNB Banka presented today and pass a fair and legal judgement.”

As a reminder, on 22 August 2019 AS PNB Banka filed with Riga District Administrative Court an application for instituting of proceedings against the decision taken by FCMC to suspend the operation of the Bank. In its application, the Bank noted that FCMC’s decision was not justified and commensurate. There was no urgent necessity to impose a ban on performance of financial operations.