Banks, Financial Services, Latvia, Legislation

According to the minister, the priority of the Ministry of Finance is stable and organized work in the financial sector, because not only is it a matter of having a healthy national economy, but also a matter of the county's prestige and national security.

Reizniece-Ozola said that recently the Financial and Capital Market Commission (FCMC) has not been showing good results in its work, but the institution serves as an example to the banks that involve themselves in illegal activities.

The minister of finance explained, "The FCMC performs their functions well and I hope that the market will be back in order. At the moment it is not necessary to have additional political initiatives to put the field in order. The case of Trasta Komercbanka is a good example for making timely decisions and not having negative consequences for neither the depositor, nor the state budget."

She also informed that the deputy head of the FCMC is still being searched for. The minister, the president of the Bank of Latvia Ilmars Rimsevics and the head of the FCMC Peters Putnins are discussing potential candidates, since according to Rezniece-Ozola work at the FCMC is specific and the list of potential candidates is very short. She did not estimate how long it would take to find a candidate for the place of deputy head at the FCMC.