In a press release dated Saturday 24 February, the European Central Bank (ECB) announced its decision to declare the third largest bank of Latvia, ABLV, and its Luxembourg-based subsidiary “failing or likely to fail.”
The decision was made during the night of 23 February and immediately notified to the Single Resolution Board (SRB), which has decided not to activate the EU banking resolution tools set out in the directive on the recovery and resolution of banks (BRRD).
Readers may recall...