Latvia to wind up second bank in two years after ECB decision

By Tyler Davies
16 Aug 2019

The European Central Bank said on Thursday that AS PNB Banka was "failing or likely to fail", marking the second time in as many years that a Latvian bank has been declared insolvent.

The ECB said that AS PNB Banka had “consistently failed to implement remediation measures” to improve its solvency, having been in breach of its regulatory capital requirements since the end of 2017.

The central bank issued the Latvian financial institution with an “early intervention measure” on July 11, giving ...

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