International Internet Magazine. Baltic States news & analytics
Saturday, 22.10.2016, 16:22
Following the plan on completing Europe's Economic and Monetary Union, the Commission decided last October to set up a European Fiscal Board as an independent advisory board on fiscal matters. The Board consists of five “fiscally-wise persons” and will start working soon.
Keyword tags: Analytics, Banks, EU – Baltic States, Financial Services, Modern EU
Several years ago "economics guru" could argue that economic growth is hindered by "expensive money". Nowadays, with historically low interest rates and Latvian commercial banks literally rolling in money (having 3 billion euro on corresponding accounts with Latvijas Banka), the economic growth is indeed weak. Despite the fact that politicians have been mentioning the word "reforms" for years and the need to address bottlenecks in crucial sectors is obvious to everyone, little is being done in reality, and the majority of true reforms die out because of red tape.
During the first nine months of this year SEB Group generated EUR 42.8 mln in Latvian profit, up 53% against the same period a year ago, the bank's spokeswoman Kristine Martinsone informed BC.
Latvia's Norvik Banka posted audited profit of EUR 7.7 mln for the first half of 2016, which is a 33% growth compared to the first six months in 2015, board chairman Oliver Bramwell told the press on Thursday, informs LETA.
The total value of the loan portfolio of creditors in Estonia was 682 mln euros at the end of June and the volume of loans issued to finance consumption grew at a rapid rate during the first half-year, it appears from an overview of the financial services market published by the Financial Supervision Authority. Precise accounts of creditors are available to the Financial Supervision Authority starting from 2016,writes LETA/BNS.
Credit institutions obliged to react to information about new money laundering cases reported by mass media
Credit institutions will have to take relevant action every time the media report about new money laundering cases, according to the Finance Ministry's amendments to the Regulation on Unusual Transaction Indicator List and Procedure for Reporting Unusual and Suspicious Transactions, which the government's committee approved today, reports LETA.
AS LHV Pank, a subsidiary of AS LHV Group, said on Monday it will begin offering home loans to private clients, reports LETA/BNS.