ECB shuts down Latvian bank involved in Rimšēvičs affair

The European Central Bank
Annabel Jeffery

The European Central Bank has effectively closed down the small Latvian commercial lender where senior executives made accusations of serious wrongdoing against the country’s central bank governor.

The ECB took over the direct supervision of PNB Banka on March 11 at the request of the Latvian regulatory authorities. Latvia’s Financial and Capital Market Commission, or FKTK, said that it had made the request after PNB Banka started legal action against it and the Latvian central bank. The bank

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