Blackstone’s Baltic push can defy sketchy optics 13 Sep 2018 A consortium led by the buyout group is buying 60 pct of Baltic bank Luminor for 1 bln euros. It’s oddly timed, given high-profile money-laundering cases have tainted the local market. But Luminor looks cleaner than most and offers some cost-cutting opportunities.
Danske cash gusher faces regulatory blockage 4 Jul 2018 The Danish lender may have helped launder 53 billion Danish crowns ($8 bln) in its Estonian business. The group’s healthy balance sheet helps, but a fine of 8 billion crowns or more could take the bank’s leverage ratio down to 4 percent, and risk generous shareholder distributions.
Illicit money is Europe bank stability blind spot 22 Mar 2018 U.S. authorities arrested the head of a Maltese bank for violating Iran sanctions, prompting calls for it to lose its licence. Similar issues triggered the recent folding of a Latvian bank. Without power to fight financial misconduct, euro zone regulators can’t keep banks safe.
Latvian bank failure raises 8 bln euro question 26 Feb 2018 That’s the amount foreigners have deposited in the Baltic nation’s lenders. Now ABLV, the third-largest bank, is being wound up following U.S. money-laundering charges. The cost to Latvian taxpayers is limited. Containing the fallout for the overall banking system will be harder.
Latvia exposes euro zone’s money-laundering holes 20 Feb 2018 The U.S. has accused the country’s third-largest bank of busting North Korean sanctions. This triggered outflows and an ECB payment freeze. Euro members Malta and Cyprus have also faced criticism for poor oversight. The bloc needs to rethink the policing of its weakest links.
A decade on, some EU values still look strong 2 May 2014 Eight of the 10 countries which joined the union on May 1, 2004 were former communist states. Since then both old and new members have gained, economically and culturally. The EU has proved remarkably strong. But its financial and political values look far less robust.
Euro zone greets new member of Baltic fan club 5 Jun 2013 EU authorities say Latvia can join the euro next year. That is a welcome, if unsuprising development. The Baltic country has undergone a serious adjustment and stands to gain from joining the bloc. Three years after Estonia joined, the euro zone could do with a confidence boost.
Latvia now well placed to benefit from euro 5 Mar 2013 The Baltic state has applied to join the single currency - a move some deem foolish given the euro zone’s woes. But Latvia’s membership should be a reason to cheer: the monetary union can do with some support - and it is a chance for Riga to stabilise and boost its economy.