Financial Services, Latvia, Loan

International Internet Magazine. Baltic States news & analytics Thursday, 02.05.2024, 00:02

Non-banking lending volume in Latvia falls by 31% in H1

BC, Riga, 10.10.2014.Print version
The non-banking lending sector recorded a significant decrease in the first half of the year 2014 as compared with the first six months of 2013 – the amount of loans fell 31% and the number of loans 20%, according to data provided by the Latvian Association of Non-banking Lenders, cites LETA.

At the end of June, the non-banking lending sector's total amount of loans was EUR 55.45 million, which is 31% less than in June 2013. The number of loans was 344,000 – 20% down on the respective period last year.

 

The association's head Baiba Fromane explains that the fall is due to amendments to several laws and regulations, and self-regulatory measures within the non-banking lending sector.

 

"The task for the state is to encourage competition to ensure quality services available for lower prices. Although the amendments to the regulations on non-banking lending market, proposed by the Economy Ministry and endorsed by Saeima, had a negative effect on the overall results of the sector, we believe that the amendments were not disproportionate," said Fromane. At the moment, it is important that the market players are given time to acquaint themselves with the changes, she added.





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