European Central Bank takes over supervision of Latvia’s “Citadele banka” AS

11.01.2021
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The European Central Bank (ECB) has decided to classify "Citadele banka" AS as a significant credit institution, commencing its direct supervision on 1 January 2021. In future, the ECB will exercise direct supervision over three of Latvia's largest banks within the Single Supervisory Mechanism (SSM) of the European Union (EU) banking union.

The ECB by taking over direct supervision of “Citadele banka” AS has classified it as significant within the meaning of Article 6(4) of Regulation (EU) No 1024/2013 and Part IV of Regulation (EU) No (ECB/2014/17).

Since 2014 Latvia is part of the SSM of the European banking union, and three most significant banks in Latvia have been supervised within the single mechanism for the Eurozone countries. The aim of the ECB SSM is to ensure the safety and soundness of the European banking union, as well as smooth progress and closer integration of European banking systems. The major banks of all Eurozone countries have been supervised under the SSM.

In the day-to-day supervision of these three largest banks, the ECB and the Financial and Capital Market Commission (FCMC) are constantly cooperating within joint supervisory teams. Currently, the ECB, in cooperation with the FCMC, supervises AS “Swedbank” and AS “SEB banka”, and as of 1 January 2021 – also “Citadele banka” AS.

A list of all banks under the ECB direct supervision, as well as other useful information on determining the significance status of banks is available on the ECB website.

Further information:
Dace Jansone
Head of Communications and Financial Literacy Division
Financial and Capital Market Commission
Phone: +371 67774808
E-mail: dace.jansone@fktk.lv

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