Published: 02.02.2024

The representatives of the Single Resolution Board visited Latvia on 1 and 2 February. They met with the representatives of Latvijas Banka and discussed the collaboration planned for this year, the possible challenges and the latest developments in Latvia's financial sector.

During the visit, the representatives of the Single Resolution Board also met with the representatives of Latvia's three largest commercial banks, whose resolution function falls within the direct remit of the Single Resolution Board, and with the representatives of Nasdaq CSD SE, a central securities depositary.

Tuija Taos, Board Member, Jose Manuel Panero Rivas, Head of the Unit for Resolution Planning and Decisions, and Ladislava Barisic, Senior Bank Resolution Expert, represented the Single Resolution Board during its visit to Latvia.

The Single Resolution Board is a body of the European Union, which, in cooperation with the resolution authorities of the Member States, implements the Single Resolution Mechanism on a centralised basis.

Latvijas Banka is the resolution authority in Latvia. Latvijas Banka cooperates with the Single Resolution Board in single resolution processes and implements the decisions made by the Single Resolution Board.

The Single Resolution Board carries out its tasks and exercises its rights in relation to those banks of Latvia which are subject to the direct supervision of the European Central Bank under the Single Supervisory Mechanism, as well as to cross-border groups. Currently in Latvia, the Single Resolution Board is directly responsible for the resolution function of the largest banks in terms of assets, i.e. Swedbank AS, AS SEB banka and AS Citadele banka. At the same time, Latvijas Banka is responsible for the application (or non-application) of resolution measures to other banks of Latvia.

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