Latvia’s Three Biggest Banks Come Fall Under ECB, Vilks Says

Latvia’s three biggest banks may fall under European Central Bank supervision when new banking rules take effect, Latvian Finance Minister Andris Vilks said on his Twitter account, without giving additional details.

European Union finance ministers agreed yesterday to put the ECB in charge of all euro-area lenders in a deal that paves the way for the currency bloc’s firewall fund to provide direct bailouts to banks.

Latvia hopes to join the currency bloc in 2014, the year the new supervisory mechanism should be fully ready.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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