Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), has reported that the Luxembourg District Court confirmed the judgment of Friday 9 August 2024 of the suspension of payments of Banque Haviiland SA.
The European Central Bank (ECB) withdrew the Luxembourg-based bank’s banking licence and the CSSF took over as administrator on 2 August 2024.
In its press release on Friday, the CSSF confirmed that Me Laurent Fisch and EY Strategy and Transactions (represented by Christophe Vandendorpe) have now been appointed as administrators to control the management of the bank’s assets.
As reported by the CSSF, the decision by the Luxembourg District Court, taken in accordance with Article 122 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, implies a suspension of all payments by Banque Havilland SA and the prohibition of all acts other than precautionary and protective measures, unless authorised by the administrators.
Depositors seeking compensation for the unavailability of their deposits can find more information about the procedure on the website of the Luxembourg Deposit Guarantee Fund: www.fgdl.lu.
In a separate press release issued later on Friday, the CSSF confirmed that the Luxembourgish investor compensation scheme (SIIL) has been activated following the declared suspension of payments. The SIIL will reimburse claims resulting from the incapacity of Banque Havilland SA to repay money owed to or belonging to eligible clients and held on their behalf in connection with investment business, or to return to eligible clients any instruments belonging to them and held, administered or managed on their behalf in connection with investment business, up to €20,000.
Clients who are unable to obtain the restitution of their financial instruments, or who can establish a claim in connection with investment business, resulting from Banque Havilland SA’s accounting records or duly certified by the administrator, are invited to contact the SIIL via email: cpdi@cssf.lu or by post:
Conseil de protection des déposants et des investisseurs
CSSF
283, route d’Arlon
L-2991 Luxembourg
The CSSF assured that the SIIL will provide clients with the documents relating to the conditions and formalities for obtaining compensation, if applicable. Clients have ten years starting from 9 August 2024 to submit their claim.
The CSSF clarified that the SIIL will not pay any compensation before the eligibility of the claimant and the amount of the compensation have been determined and verified, in accordance with the 2015 law.
