Advisory group to be set up for managing change in the financial sector of Latvia and coordinated communication( 04.04.2018 State Chancellery)
On Wednesday 4 April, during the meeting with the management of the Association of Latvian Commercial Banks (LKA) and heads of the largest banking groups, Prime Minister Māris Kučinskis agreed on the establishment of the Advisory Group for Managing Change in the Financial Sector of Latvia and Coordinated Communication.
The meeting held at the initiative of the Prime Minister was attended by senior officials of the largest Latvian customer-serving banks - JSC Citadele banka, Swedbank, SEB Group and JSC Luminor Bank. According to the LKA data, they serve about 90% of Latvian customers.
The Advisory Group will be chaired by the Prime Minister. Its tasks will include regular exchange of information on the developments in the banking sector and finding the possible solutions to various issues.
"It is important that there is an operative, immediate exchange of information between the government, the financial sector, entrepreneurs, when taking the necessary steps to change the financial sector in Latvia and restore its reputation."
The Advisory Group will also assess the progress towards eliminating the shell companies from the banking sector of Latvia. Partners from international organizations will be encouraged to take part in the Advisory Group. The banks’ representatives will be at the regional group level, thus providing foreign expertise and expertise.
A regular and coordinated dialogue between all parties involved is needed in order to maintain effective cooperation with the United States, thereby ensuring effective implementation and uniform communication of the set of measures planned by the government both in Latvia and on international scale. The Advisory Group will be a good platform for information exchange, operational analysis and resolution of the situation.