Published: September 28, 2022
This is a follow up to our last update on September 16, 2022. We continue to work with our custodians and stakeholders, including the OCIF-appointed receiver to ensure the liquidation process is completed according to plan.
We acknowledge that outgoing wire transfers are still delayed since our last update on September 16, 2022. The delay continues to result from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for outgoing wire transfers and Interactive Brokers for brokerage asset transfers.
Specifically, our custodians requested from the receiver several documents—personal and regulatory—which are in the final stages of being fulfilled. Unfortunately, we have limited involvement in this process, as our custodians are required to deal exclusively with the receiver.
Despite the delays, Euro Pacific Bank has maintained 100% of customer cash on-demand and ready to withdraw through the entirety of this receivership.
- As a reminder, Euro Pacific Bank customers will be migrated to Qenta on the transfer date unless a customer elects to opt-out of the transfer. The planned transfer date is September 29, 2022, however the actual transfer date will be dependent on when the receiver and the correspondent bank processes all wires. As mentioned before, we do not have control over these delays, but we continue to stay abreast and will keep you informed.
- We anticipate all precious metal holdings will be transferred by September 30, 2022, however we are still waiting on the receiver and the correspondent bank to complete their process for cash transfers to take place.
- Pursuant to the OCIF-approved Liquidation and Dissolution Plan, Euro Pacific Bank will be liquidated shortly after all funds have been transferred to customers who have opted out as well as those who are being migrated to Qenta. Regardless, our team continues to be here to serve you and will also be joining Qenta.
- Even after the transfer date, customers who have been migrated to Qenta can request funds at any time by entering the wire request in eBanking with details of a destination account in their name (first party).
- Current Euro Pacific Bank customers whose accounts are currently blocked will have access to their accounts during the period between September 29 and October 7, 2022 only for the purpose of providing missing information for such account to remain active with Qenta or to request the wire of the available funds to a destination account in their name and the subsequent closing of the account. Such wires shall be processed, and the corresponding funds will be transferred, when the correspondent bank and receiver complete their process (even if that were to happen after October 7, 2022). After such date, such accounts will once again be placed under review by Qenta, with limited functionality.
Further FAQs will be shared this week, and the Qenta team will have another Customer Townhall meeting on Monday October 10, 2022. In the meantime, please continue to direct all queries to [email protected].
Summary of Recent Events
- OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
- Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
- OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
- Euro Pacific Bank’s correspondent bank awaiting further information from receiver to process our client transactions
- Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
- Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
- Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.