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ECB To Supervise Latvian Bank Voicing Corruption Claims

Law360, London (March 12, 2019, 8:49 PM GMT) -- The European Central Bank has agreed to take over supervision of Latvia’s PNB Banka as the lender said Tuesday the country’s own regulators have treated it in an “unfair and inequitable” way after it called out alleged corruption at the nation's central bank.

The ECB said Monday that it has agreed to directly supervise AS PNB Banka starting April 4 after the small Latvian bank made allegations of corruption and improper coercion by a senior regulatory official in Latvia. 

Europe’s central bank decided to classify the firm as a so-called significant bank so it could take on oversight of the lender following a...

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