In two years, deposits of foreign customers with Latvian banks decreased by 30%

Due to the evolution of the financial sector, in 2016 and 2017, the amount of foreign customer deposits in Latvian banks dropped by 30%, according to the 2017 report of the Financial Markets and Capital Commission (FKTK).

The CFPC released a report in 2017 and a report summarizing relevant information on the work of the CFMC and the results of its monitored participants in the financial and financial markets in 2017.

The CFMC report states that As a result of the changes, 2016 and 2017, the decline in deposits of foreign customers with the Latvian banks was 30%, ie 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 financial markets of Latvia, according to the volume of badets, the most important segment is that of commercial banks, with 84% of the badets of the sector.

"According to the data of the Financial Markets Commission In implementing the new provisions in the area of ​​compliance, the Latvian banking sector decreased in 2017, which affected its profits, but our banks maintained High capitalization and liquidity – a good tool in this change management period, when the radical change in the customer base in the banking sector, "said FKTK chairman Peters Putnins.

He also 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 dollars. # 39; 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 the two branches of Latvian banks would collapse after this transformation and that there would be more such banks of foreign customers in Latvia,

.The annual report 2017 FCMC also indicates that 2017 was also significant, In cooperation with the US Federal Bureau of Investigation, five Latvian banks, including foreign banks, found deficiencies in the application of regulatory requirements, which allowed the banks to use several banks from other countries to circumvent the sanctions regime against North Korea.The offenses were implicitly recognized by all the banks involved ipantes and cooperated with the investigators, but a fine of 3.5 million euros was also applied to these banks.

The TFCC 2017 and the report contain significant information on the work of the CFMC in the supervision of the financial sector. , 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, the structure of the institution and the financial support of the operation.