People line up at a cash machine of Latvia's Krajbanka bank in Riga | Ilmars Znotins/AFP via Getty Images Safer under the bed: why Latvian politicians mistrust banks MPs are declaring holding as much as €67,000 in cash.

While some politicians have found themselves in hot water for sending money offshore, many in Latvia are keeping it much closer to home.

Latvia’s public broadcaster LTV reported that politicians tend to keep large amounts of cash at home because they don't trust the county's banks.

The Panorama program on Tuesday looked into national politician’s compulsory financial declarations and revealed that MPs declared amounts of up to €67,000 in cash.

Ivars Zariņš, member of the social democratic Harmony party, who admits he holds €44,000 in cash, says that experience on an inquiry commission into the collapse of Latvijas Krājbanka, a bank that was taken over by the Latvian government in 2011 after a fraud scandal, made him think his money would be safer at home.

"If a person has obtained the money honestly and can prove where it comes from, he can do whatever he wants, even glue it on the wall instead of wallpaper," Zariņš said.

Aivars Meija, MP of the conservative For Latvia from the Heart party, who declared €23,000, said he never had “any particular faith in the banks.”

Dainis Liepiņš, member of the centrist Latvian Association of Regions party, who revealed his has €44,000 in cash at home, said that "resources go to waste" since Latvia's banking system "doesn't work successfully."

In 2004, Green politician Indulis Emsis, who was Latvia’s prime minister for ten months, resigned over a false declaration about a large amount of cash that got stolen.

Emsis initially told police he lost €10,000, but it turned out to be just €6,000. He was walking around with such a large sum in order to buy a tractor, he said.