"ALBINA" BANK REMAINS WITHOUT HONEY The last of the assets of the "Albina" bank to be auctioned off

• Around 34% of the creditors" claims were recovered

The last remaining assets of the Albina (ed. note: "bee" in Romanian) Bank, which went bankrupt in 1999, will be sold by the company"s liquidator.

On April 7th, "RVA Insolvency Specialists", the liquidator of the Albina Bank, will auction off the last property of the bank, located in the Dorna Candrenilor commune in the county of Suceava, with the starting bid at 7758 Euros.

The officials of the liquidator said: "Apart from this property that we are auctioning off in April, the Albina bank still has another one left, that we will also auction off this year. Furthermore, we will schedule an auction for a plot of land located near Bucharest. Once the aforementioned assets are sold off, the liquidation of the bank"s assets will be complete".

The officials of the liquidator said that 34% of the creditors" claims were recovered so far, but declined to mention any numbers.

Banca Albina was created in 1995, and in its about three years of operation, had branches in 15 Romanian cities. The majority shareholder of the bank was insurer Ardaf.

The bank went bankrupt in 1999, after the Romanian National Bank withdrew its license on the grounds that the bank was no longer able to honor withdrawals, and its debts exceeded its assets.

Albina was the first Romanian bank to enter bankruptcy, whose depositors were compensated by the Fund for the Guarantee of Bank Deposits.

The Fund paid out a total of 360,564,901,694 ROL (old lei) to 24,461 depositors.