Tags: APFN | EU | Latvia | Banks

ECB Orders Halt in Payments by Latvian Bank ABLV

Monday, 19 February 2018 05:39 AM

HELSINKI (AP) — Latvia's financial regulator has ordered the crisis-struck ABLV Bank to cease all payments on the request of the European Central Bank amid U.S. accusations of money laundering and breaching sanctions on North Korea.

The ECB said Monday that the Financial and Capital Markets Commission of Latvia has imposed "a prohibition of all payments by ABLV Bank on its financial liabilities" until further notice.

The ECB noted that ABLV has seen a sharp deterioration of its financial position in recent days

Latvia's central bank said separately that it would loan ABLV 97.5 million euros ($121 million) against "a reliable pledge of highly liquid securities" instead of 480 million euros ABLV had requested.

ABLV is Latvia's third largest bank by assets.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
GlobalTalk
Latvia's financial regulator has ordered the crisis-struck ABLV Bank to cease all payments on the request of the European Central Bank amid U.S. accusations of money laundering and breaching sanctions on North Korea.The ECB said Monday that the Financial and Capital Markets...
APFN,EU,Latvia,Banks
121
2018-39-19
Monday, 19 February 2018 05:39 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved