Latvia's banking regulator, the Financial and Capital Market Commission (FKTK) announced August 22 it had applied to declare the country's sixth largest bank, PNB banka, insolvent.
In a further development of the situation at PNB bank, which has had its operations suspended by the European Central Bank, which deemed it likely to fail, the owners who only recently took over the bank released a statement August 18 saying they think it can be saved.
Citadele bank will handle the process of paying depositors in PNB bank the money they are owed, Latvia's financial regulator and other officials said August 17.
Following the suspension of PNB Bank's ability to offer services as a result of action by the European Central Bank (ECB) and the Financial and Capital Markets Commission (FKTK), almost 300 million euros will be paid out to depositors, FKTK's acting chairwoman said August 16.
Latvia's PNB banka - formerly known as Norvik - is to be shut down, the European Central Bank announced August 15.
A contest to find a new and confidence-inspiring head of Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) has attracted 25 applicants in the initial stage, the government press office revealed August 13, one day after submissions for the job closed.
Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) on August 12 said it had deleted the register entries of two firms dealing with electronic money transfers.
The Chairman of the Board of PNB Banka, Briton Oliver Bramwell, has left the post he had held since 2013, the bank has announced.
The search for a new head of Latvia's financial regulator is underway with the government on July 12 announcing a competition for the post.
At its meeting on 8 July, the Latvian Saeima decided to release the Chairman and Deputy Chairwoman of Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) ,from their positions and to appoint a temporary replacement to lead the organization.
On Thursday, 11 July, Latvijas Banka is issuing a silver collector coin of a specific shape dedicated to the creative heritage of Niklāvs Strunke (1894–1966), Latvian painter, graphic artist and stage designer.
Financial and Capital Market Commission (FKTK) Chairman Peters Putniņš and his deputy Gunta Razāne both handed in their submitted their resignations on July 4, Finance Minister Jānis Reirs (New Unity) confirmed, according to the LETA newswire.
On Tuesday, July 2, the Cabinet of Ministers approved the draft law “Amendments to the Law on Credit Institutions” drafted by the Interior Ministry, which will provide an opportunity to introduce a new procedure for faster and more efficient information exchange between law enforcement institutions and credit institutions.
Banker Grigory Guselnikov announced on Twitter June 27 that he had sold his majority stake in Latvia's PNB bank. The tweets in English and Russian came a day before the bank published the news on its website.
ABLV bank, which is currently undergoing a process of "voluntary liquidation" in Latvia, announced June 26 that its small Luxembourg subsidiary was going into what it described as a judicial liquidation process.
Meridian Trade Bank (MTB) has been warned by Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) over its risk exposure, the regulator said in a statement June 20.
Sanda Liepiņa the Chief Executive Officer and Chairwoman of the Management Board of the Finance Latvia Association (FLA), will leave her post on June 28 to start working at the World Bank Group in Washington DC, USA, FLA said in a statement June 18.
Prime Minister Krišjānis Kariņš on June 13 swiftly commended the Latvian Saeima's passing of major reforms to financial sector supervision.
ABLV bank shareholder Ernests Bernis has hired U.S. lobbyist Bryan Lanza, who worked as deputy director of communications for the presidential campaign of Donald Trump, reports LSM's Russian-language service.
Latvia's government tried to talk up its ongoing efforts to clean up the country's banks June 10, releasing its latest update on the financial sector.
Latvia's financial regulator the Financial and Capital Market Commission (FKTK) said May 29 it had decided to cancel the license held by ABLV Capital Markets, IBAS, a subsidiary of ABLV bank, for investment services and ancillary investment services.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) announced May 20 that it was fining PNB Banka 4,260 euros.
Marshall Billingslea, the Assistant Secretary of the U.S. Treasury was in Rīga May 16 to talk about Latvia's ongoing efforts to clean up its banking sector in the wake of the collapse of ABLV bank last year and several other scandals related to sanctions-busting and other issues.
Latvia's financial regulator said May 14 he saw no problems with the method chosen to send ABLV bank into liquidation - a process described as "self-liquidation" or "voluntary liquidation".
Latvia's financial regulator said May 2 it had handed out fines to several banks guilty of not submitting audited financial reports on time.
Latvia's central bank, Latvijas Banka (LB) has published its annual report for 2018, and while it proved to be an exceptionally turbulent one as far as its leadership was concerned, the financial figures and its various competencies appear to have remained sound.
The former management of Meridian Trade Bank could have caused losses to the bank by handing out loans for personal projects, the De facto investigative news show reported April 28. A striking detail is that the employee who was tasked to prevent such cases at the bank is now working at Latvia's finance watchdog, the Financial and Capital Markets Commission (FKTK).
The Latvian central bank (LB) announced April 26 that its "coin of the year" is the so-called "Honey coin".
Latvian Minister of Finance Jānis Reirs on April 10 met with a key U.S. official who "praised the Government's efforts in straightening out the financial sector," according to a release frmo his Ministry.
Among banks who so far served non-resident customers in Latvia, there are banks who are considering leaving Latvia’s market and obtaining a banking license in another country, said Finance and Capital Market Commission (FKTK) chairman Pēters Putniņš in an interview with LETA.