The third largest lender of the country, the bank ABLV, is to be closed down. On 24 February 2018, the European Central Bank announced that ABLV was ‘failing or likely to fail in accordance with the Single Resolution Mechanism Regulation’. The ECB said that ABLV’s liquidity position had deteriorated to the point where it had insufficient funds to meet its obligations. In fact, ABLV experienced a bank run which drained it of money. The Luxembourg subsidiary of the bank declared that its liquidity still fully covered the amount of its clients’ deposits. However, the decision was to also wind up the subsidiary. The Association of Latvian Commercial Banks stated that it fully supported the decisive and forceful action for the benefit of a resilient financial sector. In both countries it is unclear what will happen with the workforce.
Read on: in English (1) … in English (2) …
For more information, please contact the editor Jan Cremers or Nuria Ramos Martin, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Willy De Backer wdebacker@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.eu. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.
© ETUI aisbl, Brussels 2016. All rights reserved. We encourage the distribution of this newsletter and of the information it contains, for non-commercial purposes and provided the source is credited. The ETUI is not responsible for the content of external internet sites. The ETUI is financially supported by the European Union. The European Union is not responsible for any use made of the information contained in this publication.
This email is sent from www.etui.org.