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Latvian PNB Banka to be supervised by European Central Bank from now on

Photo: pnbbanka.eu
Following a proposal from Latvia’s Finance and Capital Market Commission, European Central Bank has decided to take over supervision of PNB Banka, as confirmed by FCMC.


The commission notes that from now on European Banking Union’s Single Supervisory Mechanism will be used by ECB to directly supervise three Latvian banks. Taking over direct supervision over PNB Banka, ECB has classified it as important in accordance with EU Regulation.
 

FCMC chairman Pēters Putniņš notes that «organization of work at this stage would be optimal, considering the background Latvian state and this particular bank are in».
 

ECB may take over supervision over a member state’s bank to ensure consequent application of the highest possible standards. European Banking Union’s regulations provide for use of a form of supervision appropriate for the size, business model and risk factors of individual banks.
 

Since 2014, Latvia has been a member state of European Banking Union’s Single Supervisory Mechanism. Three of Latvia’s most important banks are now supervised by this mechanism. The objective of the Single Supervisory Mechanism is ensuring security and stability for European banks, as well as assisting with integration of member states’ banking systems.
 

In cooperation with FCMC, ECB supervises Swedbank and SEB Bank in Latvia.

BNN

12-03-2019
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