On Friday, 4th of March, the Central Bank (CB) of Cyprus announced the withdrawal of the license of the Bank of Latvia JSC “Trasta Komercbanka”, the oldest private bank in Latvia which has a branch in Nicosia, Cyprus from September 2006.

This is a statement, which republishes the announcement made on 3rd of March by the competent authority of Latvia (“Financial and Capital Markets Commission” – FCMC), under which the European Central Bank (ECB) adopted a decision for revocation of the license of the Bank.

The ECB’s decision was based on the proposal imposed by FCMC, in view of the fact that the Bank has committed a “serious and persistent breaches of regulatory requirements in several areas for a long period of time” as per FCMC’s statement.

Furthermore, it is stated, that according to assessment of FCMC, in its capacity as a national banking supervisory authority in Latvia, a reorganization of the Bank or a rescue with public funds would not be in the public interest.