Thousands of Latvians lined up at bank counters and ATMs over the weekend in an attempt to withdraw their savings from Swedbank, the country’s largest banking institution.
Swedbank’s Latvian chief Maris Mancinskis on Monday called the rumors “absurd.” He said the bank is functioning normally and all depositors will have access to their funds via bank machines.
Mancinskis said some 10,000 Latvians withdrew over 10 million lats ($20 million) on Sunday.
Latvia’s 10th largest bank, Latvijas Krajbanka, is currently being liquidated after regulators uncovered fraud on a massive scale. Depositors were left without access to their money for days.
Via: Total Collapse
As rumors of imminent collapse began to build due to the bank’s reported liquidity problems in Estonia and Sweden, Latvians panicked and headed for their cash. This was the scene outside of numerous ATM’s in Latvia’s capital city, Riga: