Latvia calls emergency meet after third-largest bank fails

RIGA, Feb 25 (Reuters): Latvian authorities will gather for an emergency meeting on Monday following the failure of the country's third-largest bank, the prime minister said, as the country kept watch for any fallout on other banks.

ABLV Bank is failing or likely to fail and will be wound up as saving it is not in the public interest, the European Union's Single Resolution Board and the European Central Bank (ECB) have said.

Accused by US authorities of large-scale money laundering, ABLV scrambled this week to come up with a survival plan, but failed as customers fled and management could not come up with sufficient cash, despite offers of emergency central bank liquidity.