European Central Bank says Latvia's ABLV failing, to wind up

A head office of the ABLV Bank

A head office of the ABLV Bank

However his own case, in which he is suspected of soliciting bribes, has nothing to do with any bank now operating in Latvia, according to investigating officers of the KNAB anti-corruption agency.

LATVIA'S central bank governor Ilmars Rimsevics has denied he has taken bribes and claimed it's a conspiracy by several private banks to oust him as he had hurt their profit margins.

Now out on bail, though barred from carrying out his duties, Rimsevics claimed that the accusations were the doing of several banks upset over his attempts to improve transparency regarding the bank accounts of non-residents in the Baltic country neighbouring Russian Federation.

The European Central Bank president shared his views with policy makers on Wednesday, said the people, who added that the Governing Council agreed that it needed more clarity to assess such an unprecedented situation.

He believes the allegations against him are a result of his efforts to have banks undergo audits by USA law firms in 2016 and 2017, which had lowered their profits.

One of Latvia's largest banks has asked for a 480 million euro loan from the country's central bank as part of efforts to reopen for business after being forced to halt all payments in the face of money laundering accusations.

Mario Draghi told colleagues this week that he was dissatisfied at the lack of information received from Latvian officials following the detention of the central-bank governor, according to people familiar with the matter.

The request for credit comes amid frantic efforts by ABLV's management to keep the bank afloat after US authorities singled it out for money laundering and moved to block it from doing financial deals in dollars.

The European Central Bank said Saturday it has determined that Latvia's crisis-struck ABLV Bank is failing or likely to fail, and the bank will be wound up under its home country's law.

The ECB issued a statement Thursday saying that fighting money laundering is done by member countries.

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