Published: September 2, 2022
As stated in the official Notice of Liquidation on Monday, August 29th, Euro Pacific Bank was required to proceed with its liquidation and allow clients to request withdrawals inside their eBanking. We also disclosed the existence of a financial services company interested in continuing to serve any clients that remain.
Today, we would like to provide an update on both topics.
Euro Pacific Bank began allowing clients to submit transfer requests in their eBanking on Monday, August 29th. Unfortunately, those transfer requests are currently being held by our correspondent bank, who has requested written confirmation from the bank’s government-appointed receiver that we are authorized to proceed with your wire transfer(s).
However, the receiver will not provide our correspondent bank with that written confirmation until the Puerto Rico financial regulator (OCIF) authorizes him to. In other words, our correspondent bank will not process any of our wire transfer requests until OCIF provides authorization.
We understand this situation may be frustrating for some of you, especially after patiently waiting. However, the bank is in receivership and has been under the control of OCIF, so transactions can take much longer to process than it did before.
As stated in our Monday notice, clients can still request transactions and they will be processed as soon as we’re allowed to. Thanks for your continued patience through this process and we will continue to update you on this step.
Similarly, if you currently have a Euro Pacific Trader brokerage account and are awaiting the transfer of your positions to your new Interactive Brokers account, we have also been asked to get written authorization from our receiver before any of our transfer requests can be processed.
As you may recall in our Notice of Liquidation, a financial services company has made an offer to continue serving our customers, which includes bank deposits, precious metals, mutual funds, and brokerage accounts. Understandably, an important part of your consideration to be migrated to this new institution is who they are and what they do.
We have received authorization to disclose the company’s details, so you can expect to receive a welcome letter from this company within a few days. A copy of their welcome letter will be published here on our website. They also plan to conduct a “Virtual Customer Townhall” within the next two weeks to introduce their senior leadership team and answer your questions.