International Internet Magazine. Baltic States news & analytics
Thursday, 26.05.2016, 19:30
Today, the Financial and Capital Market Commission (FCMC) and ABLV Bank, AS entered into the administrative agreement regarding the violations detected under the FCMC inspections, which is aimed at improving the functioning of the bank’s internal control system. According to the agreement, a fine of EUR 3.17 million will be applied to the bank and warning will be given to the responsible member of the bank’s board, reported BC bank’s press service.
Keyword tags: Banks, Financial Services, Latvia, Legislation
According to the Estonian financial sector trade union EFTL, after the leaving of the former union representative of Nordea Estonia, Hannes Veskimae, the relationship between the bank and the union has not improved and the union is accusing the bank's board of blocking the concluding of a collective agreement and breaching the Trade Union Act, informs LETA/BNS.
The liquidator of Trasta Komercbanka recovered EUR 40.64 million in April 2016, informs LETA, according to the bank's financial report published in the official gazette Latvijas Vestnesis.
About one-third of the consumer financing granted in 2015 was issued to people in the age group of 25-34 while youngsters under 24 years of age were most reluctant to take consumer loans from commercial banks, according to the SEB Baltic Household Outlook, cites LETA.
The Lithuanian central bank governor says that the eurozone's economic recovery is too slow and fragile and monetary accommodation alone is not sufficient to get the economic engine running at full throttle, informs LETA/BNS.
The International Monetary Fund (IMF) recommends that Lithuania should strengthen its credit unions sector and carry out structural reform of the sector, the Bank of Lithuania said LETA/BNS.
The rules for the EU single market and the work of the banking authority (EBA) in the last five years strengthened the regulation and supervision of European banking sector. Radical overhaul of EU's regulatory and supervisory framework for banks (with about forty separate pieces of legislation) played an important role in making EU’s financial system more secure.