ABLV Bank's fate will be decided by ECB - Putnins

RIGA - The fate of ABLV Bank will be decided by the decisions made by the European Central Bank, the chairman of the Financial and Capital Market Commission (FCMC) Peters Putnins said during a press conference yesterday.

He said that ABLV Bank is supervised by the ECB, which means that the bank's fate will be decided by the ECB.

Putnins said that the ECB will also decide whether ABLV Bank is viable, or whether the bank will have its license revoked.

The FCMC has yet to receive word from the ECB whether the bank will be liquidated in accordance with Latvian law, because rescuing the bank is certainly not in the public's interest. Thus, Putnins could not comment today's statement from the ECB.

''The FCMC has not officially received any information on this matter from the ECB,'' he said.