Suspension of PNB (Norvik) Banka’s activity. What to do?

The news of the suspension of the activities of AS “PNB Banka” (formerly known as Norvik banka) stirred up the financial world and made it think about key issues. It should be reminded, on August 15, 2019, the European Central Bank (ECB) decided to suspend the activities of AS “PNB Banka” due to its unreliability. Let’s consider the main issues encountered by PNB bank customers.

Why was the activity of AS “PNB Banka” suspended?

According to information officially submitted by the Latvian Financial and Capital Market Commission (FCMC), the reason was due to the fact that the bank’s liabilities (debts) exceed its assets and the capital adequacy ratio is below the required minimum. The ECB, acting as a supervisor, reported that the PNB’s supervisory measures were not followed.

How will suspension of PNB bank affect customers?

At the moment, the bank has suspended the provision of all services. In addition, customers are limited in access to their funds in accounts. There will be disbursements under the guarantee of deposits compensation of up to 100,000 euros per client later. Payments to PNB depositors will begin approximately on August 27, 2019.

The procedure for the payment to legal entities and individuals will be established by the FCMC. If the client’s balance of funds exceeds EUR 100,000, the client will receive a guaranteed payment of 100,000 euros, and will also have to send a request for the remaining amount in accordance with the rules of bank liquidation and the insolvency proceedings.

Will cards issued by PNB (Norvik) bank be active?

After the PNB bank is suspended, the cards issued by it will be invalid.

Will online banking work?

PNB Banka online banking is also shutting down.

What should PNB Banka borrowers do?

The loan conditions have not been changed at the moment. Borrowers need to follow the standard procedure for using a PNB bank loan.

What should PNB Banka current customers do?

First of all, it is worth taking care of opening new bank accounts for conducting current activities and obtaining subsequent guaranteed state compensation.

How to quickly open a new bank account?

You should contact the Mayon Solutions team of professionals. We are always ready to help in times of crisis. We will select the optimal solution specifically for your activity, taking into account the current situation.

Mayon Solutions continues to keep abreast of the latest news of the PNB (Norvik) bank liquidation, as well as actively accepts and processes requests from clients of this bank. Our long-term experience in the field of registration of international companies, opening of bank and merchant accounts, licensing and tax planning will help to choose the optimal solution especially for you.

We will be glad to help you too!