Most of non-res­i­dent banks will con­tinue work­ing in Latvia

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The ma­jor­ity of banks whose busi­ness ac­tiv­i­ties are as­so­ci­ated with ser­vic­ing non-res­i­dents will con­tinue work­ing in Latvia, as con­firmed by Fi­nance and Cap­i­tal Mar­ket Com­mis­sion Pēters Put­niņš in an in­ter­view to Latvi­jas Ra­dio on Fri­day, 29 June.

He said that a pre­vi­ous out­look stated that cer­tain banks could cease work­ing in Latvia be­cause of the re­stric­tion for banks to co­op­er­ate with shell com­pa­nies. «This out­look re­mains in force. It is likely we will see some of them change their ju­ris­dic­tion. Cer­tain clients may change their minds about Latvia and its at­trac­tive­ness. […] I am con­fi­dent that most of non-res­i­dent banks will stay in Latvia – it is un­likely our bank­ing sec­tor will col­lapse and only Scan­di­na­vian banks will re­main,» said Put­niņš.

He also said banks ser­vic­ing non-res­i­dents have to sub­mit their new busi­ness plans no later than 30 June. There are banks that have al­ready done this and banks that have not. «I think ev­ery­one will make it be­fore the dead­line. Once this is done, we will spend the next two the three months dis­cussing plans with banks. As promised be­fore, we will pro­vide our opin­ion about non-res­i­dent banks’ cho­sen di­rec­tion around au­tumn. Around win­ter the plans will be in­cor­po­rated in mon­i­tor­ing doc­u­ments,» added Put­niņš.

Sin­tija Zan­der­sone/LETA

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