JSC Trasta Komercbanka licence revoked, central bank says

The Central Bank of Cyprus said that it revoked the licence of the Latvian lender Trasta Komercbanka.

The central bank’s decision follows a decision by the European Central Bank to withdraw the Latvian bank’s authorisation, the Central Bank of Cyprus said.

“The ECB decision was based on the proposal submitted to the ECB by the Financial and Capital Market Commission in view of the fact that the bank had been committing serious and sustained breaches of regulatory requirements in several areas for a long period,” the ECB said in a separated statement. “Moreover, based on the assessment made by the FKTK in its capacity as Latvia’s national resolution authority, a resolution action or a public bail-out of the Bank would not be in public interest”.

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