Banking association calls for European Central Bank to take charge of chaos

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With a whole panoply of theories, counter-theories and suppositions swirling around not only central bank governor Ilmārs Rimšēvičs but also other controversies concerning ABLV bank and Norvik bank, the Association of Latvian Commercial Banks (ALCB) said the European Central Bank needed to take charge of the situation.

A brief statement released February 20 said: 

ALCB regards of utmost importance an immediate and direct involvement of the ECB Supervisory Board in reviewing and evaluating the situation at hand. Supervisory review and evaluation of the business model and governance arrangements of the ABLV Bank has been within the remit of the ECB SSM as the competent authority for this particular bank since 2014. While respecting the independence of the ECB, we call on the members of the Latvian Parliament (Saeima) to address the Chair of the Supervisory Board of the ECB Ms. Danièle Nouy to request her prompt presence in Latvia to review and assess the situation at hand and to provide detailed explanation on the preceding supervisory actions by the ECB.

Most - though not all - of Latvia's banks are members of ALCB. ABLV recently stood down from the organization.

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