The European Central Bank will take over the direct supervision of Latvia's AS PNB Banka, effective April 4.

The move comes following a request made by the Latvian Financial and Capital Market Commission.

PNB Banka, previously called Norvik Banka, has accused Latvijas Banka Governor Ilmars Rimsevics of trying to extort a bribe of €100,000 per month from Norvik to do business in the country.