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What message is being sent to investors and how have attempts been made to regulate the Lithuanian economy, to which companies and to whom should foreign capital be transferred? S.Jakeliūnas, Lithuanian Peasants' Union and the Green Union faction, as well as the president of the Lithuanian Banks Association, Mantas Zalatorius, discussed this issue on Wednesday in LRT "The subject of the day".
– MS Jakeliūnai, can you briefly describe the essence of your recommendation?
S.Jakeliūnas: Prehistory is such that it is a 14 year old statement, which was repeated in 2010 in a Swedish parliamentary study and which was repeated a year and a half ago here in Lithuania, at the head of the central bank of Sweden. Nothing new here. In fact, the banks, the Swedish banks also caused the crisis in the Baltic states, did not badume their responsibilities, behaved irresponsibly and took risks, were not adequately monitored in Sweden and Sweden. Lithuania. The purpose of the study is to reduce risk in the future, with some adjustments of the concentration of these very good and excellent national banks. That's the point.
"Today, the controversy has provoked some of your other phrases, not the prehistoric that you are pbadionate about.I will quote." In Lithuania and the other Baltic countries, Swedish banks with Swedish capital are too concentrated. One of the two banks operating in the country should therefore be sold. It is possible that one of the Swedish banks could or should eventually be sold in a country where the euro, as a national currency, is destined for a strategic bank. Sweden is not yet going to join the eurozone and, since the euro has no currency appreciated for them, we are still dependent on the Swedish banking system and it 's the only way to go. one of the risk factors. "Do not distort your words?
S.Jakeliūnas: Properly cited. That's the essence of my story and I tried to justify why we needed it.
– Mr Zalator, how are you guilty of selling a Swedish bank to anyone?
M.Zalator: I have always considered Mr. S. Jakeliūnas as a really wise policy. I respect it now, but such a statement, as reflected in the Lithuanian media and as it is now quoted, is contrary to all the principles of free market and economy. First and foremost, a very unequivocal message is sent to Lithuanian residents and foreign investors.
More interestingly, in this context, when the Government of the Republic of Lithuania and the Bank of Lithuania are trying to attract as many investors in the financial sector in Lithuania, the chairman of the Committee on Budget and Finance Seimas expresses itself as follows. First of all, I would like to say that the owners or shareholders of this company, whoever they are (our apartment, our car or our bank), make decisions concerning the acquisition or sale of badets in an economy free and in a democratic society. And just like that, we have not said a similar position.
The Bank of Lithuania expressed a similar position and had to discuss it. Mr Saulius Skvernelis, Prime Minister of Lithuania, and even Mr Ramūnas Karbauskis (in comments – LRT.lt) read a very similar position. I just wanted to ask this, maybe Mr. Jakeliūnas changed that position now?
S.Jakeliūnas: Democracy is not just business, business acquisitions, sales, but also discussions, opinions. This is my personal opinion. I've tried to justify it briefly, but here you can talk for a long time and maybe there are opportunities. This can be done in one form or another, but there is a risk, because Sweden does not intend to be part of the euro area and we have already joined the euro area. We are bank supervisors, partners in financial risk management in banks. Swedish banks borrowed on international markets for a short period in euros and bought them on behalf of subsidiaries. When they were scared, they took credit, the crisis broke out. This is a major factor in the crisis. It can not happen anymore.
– MS Jakeliūnas has not changed his mind.
Julius Kalinskas / 15min photo / Count Jakeliūnas
S.Jakeliūnas: Why should I?
– But, Mr Jakeliūnai, you have not acted today as an individual in the Seimas, but as Chairman of the Committee on Budget and Finance of the Seimas. Of course, you can have your own opinion and no one is questioning your rights. I did not give it and you guarantee it in the Constitution. But do you know what the current leader of your group, R. Karbauskis, said? He said that "the declaration of S. Jakeliunas does not mean anything". Do you mind that these people – the Prime Minister, the representatives of the Bank of Lithuania, Mr R. Karbauskis – say that these speeches of S. Jakeliunas mean nothing?
S.Jakeliūnas: Of course, this does not mean that someone will be sold. We spoke with Karabauskis and S. Skvernelis today, we discussed this and my position, I explained it and they had no questions. I have the right to have it (the position is LRT.lt), I have the right to develop it, I have the right to chat with Swedish officials and I will do it with Baltic officials, the central bank, supervisory authorities and parliamentary representatives. This is the beginning of the debate.
It's hard to say how this will end, when it will end and what it will end, but the lack of debate was one of the reasons for the crisis. Swedish officials' statements that too few public speeches about banks, their role in the economy and crises have also contributed to the crisis in the Baltic states. In practice, I quote the statements of February 2010.
M.Zalator: I listened to Mr. Jakeliūno and I repeat that I respect you as a very wise politician, but I do not understand what kind of debate these words lead to, because you are trying to panic the market or scare the new or existing investors? What is the purpose of this discussion? We can start and have a discussion that we have very often in a completely civilized way within the same Committee on Budget and Finance.
We can discuss laws being adopted and determine where market attractiveness subsequently declines. I think I do not know if that was the goal. Such a message is sent to investors who are currently trading and want to go to the financial market … Today, I have received several calls. One from the UK, where an investor asked: "What's up?" It was necessary to remember it.
Eriko Ovcharenko / 15min photo / bank SEB
– MS Jakeliūnai, our Prime Minister, our ministers travel the world in order to attract investment, and your language can scare away these investments.
S.Jakeliūnas: Do you think that investments from Austria, the Netherlands and Germany are bad investments? Banking is a special activity because it produces money, it is factories that generate money. We need that they be properly supervised, properly regulated and, if there is too much risk in the financial sector, in the banks, there is also a crisis. One of the factors I mentioned is the 14-year-old girl's statement that excessive concentrations can lead to threats and seizures. It's happened. Should we not draw conclusions? Should we not signal that a discussion is needed and that solutions could also be considered? Why not I am for that and I think it is necessary.
– Is US investment a good thing?
S.Jakeliūnas: Do you mean Blackstone?
– Yes, "Luminor".
S.Jakeliūnas: Maybe a bit controversial, but I would say that a hedge fund that invests in a banking system can be a short-term investment, but I think that in the long run, it would be good if the owner of the package is a strategic bank , a foreign bank or the best in the eurozone. That's my opinion and I can justify it, develop as much as I need.
– But do you expect America to spend dollars in euros, is probably difficult, or not? If you say that the risk is that Sweden is not a member of the eurozone, we should think that all US investments are not very appropriate for us, because the United States is not part of the euro area.
S.Jakeliūnas: One thing is the investment in shares, another thing is the investment in loans, which was the case in Sweden. I hope that in the case of the United States of America, this is not and can not be, as this would constitute a step sufficiently risky.
– Mr Zalator, what do you think of investments, if measured in dollars, in euros? Are these investments that are not in euros lower than those in euros?
M.Zalator: I reiterated that I did not doubt MS Jakeliūnas' skills, but the statements I hear now amaze me. Answer me After all, there were investments in other currencies. Look, the global financial system is a complex business. There is more than one currency circulating there. There were various investments and there would be various investments. You mentioned the dollar. The big banks have a pound sterling as their local currency. For example, the big Chinese banks have one yuan as currency.
Photo of the company / "Swedbank"
There is so much currency in the global financial market and these risk factors are managed. We also had other banks, for example, Snoras, and we see for themselves what is going on. For me, it is very strange to hear how countries like Sweden, a country whose banking tradition and practice are considered safe, particularly well capitalized, socially sensitive, accountable – (the banking system – LRT.lt ) are demonized by the decision of the Sejm.
S.Jakeliūnas: Then I have to quote. Martin Andersen, Head of the Swedish Financial Supervisory Authority, said on 2 February 2010, during the hearings held before the Finance Committee of the Swedish Parliament: "The same mistakes were made in the Baltic countries as in Sweden. during the crisis in Sweden. " He talks about Swedish banks. "It would have been useful for Sweden if foreign banks took a part of the credit market." This concerns the Baltic countries. It is the statement of the most responsible person in charge. Do you want to ignore and write this as another manifestation of incompetence? I then very much doubt the competence of someone else.
M.Zalator: Mr. Yakeliūnai, you are talking about ten years of history. The situation is completely different right now. Banks operating in Lithuania are Lithuanian, their depositors or their capital structure are from the Republic of Lithuania, Euro, Lithuanian, their lenders or what the banks lend to the same citizens and Lithuanian companies. In this place, everything is completely balanced.
– Errors are the most important to learn. Nobody disputes that. In conclusion, I would like to declare my private interests in the Swedish banking sector according to ethical standards. I have an account in one of the Swedish capital banks, I have life insurance, I rent a car, I even accumulate a pension through the intermediary of 39, one of the Swedish capital banks. I do not think any interesting people here, but that there would be no doubt, and that I would have the moral right to ask MS Jakeliūnas if there is any other interest for a public campaign against the Swedish capital bank, knowing that you tried to work in one of the Swedish capital banks, but failed?
S.Jakeliūnas: I had hoped, but I did not expect this kind of nonsense. My job is now much more interesting for me than working in a bank. I have been working for ten years and I manage finances very responsibly within the largest insurance company with the most complex financial resources. I managed them during the Russian crisis, during the 1995-1996 banking crisis, and I know what it is. I am happy that Gitanas Nausėda is doing what he does but, for example, in Sweden, it would be unthinkable for a banking economist to appoint to the presidency, baduming responsibilities.
– In other words, nothing personal?
S.Jakeliūnas: Absolutely nothing personal. Ask G. Nausendos. If he really wants to talk to you, I hope he'll confirm it.
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