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The FCMC published a report of 2017 and its report summarizing the relevant information on the work of the FCMC and the results of its supervised financial and financial actors in 2017.
The FCMC report states that following the changes from 2016 and 2017, the decline in deposits of foreign customers from the Latvian banks was 30%, that is to say that the Latvian financial sector has gone through some four billion euros; money too risky for foreign customers. At the end of 2017, domestic deposits were dominated by Latvian banks, with the share of foreign customers falling to 39% in terms of deposits.
According to FCMC, in the financial and capital markets of Latvia according to the volume of badets, the largest segment is commercial banks with 84% of the badets of the sector
"By implementing the new compliance provisions, the Latvian banking sector decreased in 2017, which affected its earnings, but our banks maintained high levels of capitalization and liquidity – a good tool in this change management period, when the customer base has to be radically changed in the banking sector, "said FKTK chairman, Peters Putnins
He added that there are not many countries where banks could be so calm and controlled. to ensure that, over a period of time, the Latvian financial sector loses billions of euros. In Latvia, in 2017, the lowest point of foreign deposits was reached in 20 years, freeing the country and banks from unrealized reputation risk. "With the changes in geopolitics and security around the world, the test sieve, which now has to go through the Latvian banks, is even thinner than we thought, and the mistakes made this year are an echo of Putin pointed out that there would be no such banks of foreign customers in Latvia after this transformation,
.The 2017 FCMC report also states that the year 2017 was Also significant, In collaboration with the US Federal Bureau of Investigation, five Latvian banks, including foreign banks, have found deficiencies in the application of regulatory requirements, which allowed banks to avoid the risk of bankruptcy. using several banks from other countries to circumvent the sanctions regime against North Korea.The offenses were implicitly recognized by all participating banks and cooperated with the investigators, but an amendment e 3.5 million euros was also imposed on these banks.
The 2017 TFCC and the report contain the most significant information on the work of the CFMC. , licenses and regulatory requirements. The report gives an overview of the financial stability system put in place in Latvia by the Deposit Guarantee Fund, the Insured Protection Fund, the Financial Instruments Market Protection System and the Financial Stability Tax. . In the annual report, you can also get acquainted with the cooperation implemented by the FCMC internationally, as well as with the progress made in public information and the improvement of financial literacy. . The report also discusses the management and organization of the FCMC, including personnel policy, institutional structure, and financial support for the operation.
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