Following the accusations that PNB Bank Latvia made against the local central bank’s head, the ECB will undertake the supervision of the small banking institution directly.
In order to ensure due process, a clear investigation and any kind of retaliation, the ECB decided to directly take over the supervision of the aforementioned institution agreeing with the recommendation formulated by the Latvian Financial and Capital Marker Commission (FCMC).
This makes of the PNB Bank the 118 institution under direct EU supervision.
This happens after PNB (previously known as Norvik) was fined 1.5 million euro for shortcoming related to sanction screening in 2017.
