Tags: APFN | EU | Europe | Latvia | Bank

European Central Bank Says Latvia's ABLV Failing, to Wind up

Saturday, 24 February 2018 05:38 AM

BERLIN (AP) — The European Central Bank says it has determined that Latvia's crisis-struck ABLV Bank is failing or likely to fail, and the bank — along with a branch in Luxembourg — will be wound up under its home country's law.

On Monday, Latvia's financial regulator ordered ABLV, Latvia's third-largest bank by assets, to cease all payments at the ECB's request amid U.S. accusations of money laundering and breaching sanctions on North Korea.

The ECB said in a statement on Saturday that it's concluded ABLV is "failing or likely to fail," lacking sufficient funds that would be immediately available to withstand outflows of deposits.

It said Europe's Single Resolution Board determined that action on its part "was not in the public interest," so the bank will be dissolved under Latvian law.

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The European Central Bank says it has determined that Latvia's crisis-struck ABLV Bank is failing or likely to fail, and the bank - along with a branch in Luxembourg - will be wound up under its home country's law.On Monday, Latvia's financial regulator ordered ABLV,...
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2018-38-24
Saturday, 24 February 2018 05:38 AM
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