Latvian financial supervisor says no ‘panic’ from ABLV bank

RIGA (Reuters) – Latvia’s chief financial supervisor has said that he does not see any panic as a result of problems at its third-largest bank ABLV and said that it was monitoring all banks to ensure that there was no wrongdoing.

“We do not see panic in the market at the moment,” Peters Putnins, the chairman of the Financial and Capital Market Commission told journalists, adding that he did not believe it was ‘systemic’.

That refers to a bank’s significance and whether its problems could spill over to affect others.

Asked whether the authority was monitoring other banks for money laundering, he said that it was not limiting its supervision activity to ABLV. But he did not provide any further details or comment on the ABLV case.

U.S. authorities have singled out ABLV for alleged money laundering, accusations the bank denies.

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