Latvia's financial industry associations submit proposals to the European Commission on promotion of innovation in the European financial sector, 07.06.2017

Common European Union (EU) regulations and uniform provisions for all providers of financial services, greater access to public registers on EU level to identify and assess the creditworthiness of a person as well as quicker introduction of remote identification across EU and in Latvia. These are some of the key proposals that were submitted to the Vice - President of the European Commission (EC) Valdis Dombrovskis on June 5 by nine financial industry associations of Latvia.

Crediting amount in Latvia has a positive influence on economical growth, 03.04.2017

In 2016 companies were credited by a third (34%) more when compared to 2015. The amount of new private crediting has also increased by 37%. In 2016 companies were reissued almost 1.8 billion euro and individuals were issued 709.6 million euro. If the dynamics of funding demand will remain as positive as last year, it will have a positive influence on economical growth.

The latest banking sector statistics is published, 20.03.2017

The Association of Latvian Commercial Banks has released the latest Latvian banking sector statistics for 2016, including the banking sector’s total assets, liabilities, profit and loss statement, payment card statistics and banks’ individual un-audited data, including balance sheet data, financial indicators and general data on number of clients. For more information, see the Statistics section on the ALCB website www.lka.org.lv.

INFOGRAPHICS: Latvian banking sector performance 2016, 08.03.2017


Bank performance in Latvia 2016: stable situation, 08.03.2017

Preliminary data for 2016 collected by the Financial and Capital Market Commission (FCMC) shows that the banking sector has remained sound. The Latvian banking sector generated profit, which was ahead of the average EU ratios. Also, the growth in loan portfolios is on a recovery path, the amount of new loans has increased essentially, as well as domestic deposits have reached a historic high level. At the same time, business volumes of banks focused on foreign customers decreased last year, indirectly being affected by the economic weakness in the CIS countries, as well as by the enhanced FCMC requirements in the area of money laundering.

The introduction of recommendations of independent testing will raise the operating standards and international competitiveness of Latvias banks, 30.11.2016

In recent years, Latvia’s banks have made significant investments for the prevention of money laundering by improving training and increasing staff numbers as well as developing and improving IT software. The banks are constantly improving their operating standards and international competitiveness. Now, thanks to working with the consultants they have also gained US best practice and experience.

Regarding the administrative contract between FCMC and Swedbank and penalty charges, 23.11.2016

The Association of Latvian Commercial Banks (ALCB) expresses an overall positive opinion of the active action and attitude of the Financial and Capital Market Commission and approves of strict measures regarding the consideration of demands related to bank internal control systems and money laundering prevention. This proves that when it comes to money laundering prevention and consideration, the demands of Latvian legislation and its enforcement are high and keep getting higher. The banks are also fully aware of these demands and provide increasing effort and resources to comply with these demands. LKA hopes that the work of FKTK will continue and be consistent regarding all players in the financial service market.

FACT SHEET: Why are banks asking questions?, 28.07.2016

Why are banks asking questions?
Similar to worldwide practices, the banks in Latvia have an obligation to apply the KYC principle in accordance with laws and regulations.

FCMC: financial literacy of population grows stronger in Latvia, 07.07.2016

Financial and Capital Market Commission (FCMC) in cooperation with its partners has summed up results of the regular year regarding implementation of the National Strategy for Financial Literacy in Latvia 2014-2020. The data obtained demonstrates progress towards achievement of strategic objectives.

IMF Recognises Latvian Banking System, 20.06.2016

The International Monetary Fund (IMF) in its current report about Latvia positively recognises stability of our banking system by emphasising sufficiency and cost-effectiveness of capital.
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