Posts tagged as bank

Latvian central bank: economy has weathered COVID-19 better than most EU countries

Friday, October 23, 2020

Latvian central bank (Latvijas banka, LB) published its regular monthly Macro Profile on October 23, giving an overview of the state of the national economy. “So far, Latvia’s economy has weathered the COVID-19 crisis better than most European Union (EU) countries,” LB said. “Over the second quarter of 2020, Latvia’s GDP fell by 7.1%, i.e. less than previously projected by Latvijas Banka. Factors such as balanced economic growth and sound…

LHV to establish full-fledged UK bank

Friday, October 23, 2020

Estonian bank LHV is to fully set up separate operations in the United Kingdom. LHV has a branch in the U.K., but this had not been distinct from its Estonian operations via AS LHV Group. The bank told the Estonian stock exchange the move will allow for better compliance with regulatory and supervisory requirements. In the future, AS LHV Pank will focus on serving Estonian customers and its U.K. equivalent…

Former Bank of Estonia governor on fiscal policy: There are no free lunches

Friday, October 23, 2020

The state budget relies too heavily on borrowed money and the planned deficit is too large which will cost Estonia sometime in the future, said Ardo Hansson, former governor of the Bank of Estonia, on ETV politics talk show “Esimene stuudio”. Any estimations for the future must assume that next year will be better than the current one and that the virus will not cause further closures, Hansson said. The…

Collapsed bank sues former NATO chief Anders Fogh Rasmussen

Monday, October 5, 2020

Former NATO Secretary General Anders Fogh Rasmussen is among nine persons being sued by the administrators of the insolvent Latvian bank “PNB”, LTV’s investigative program De Facto reported October 4. While serving as Deputy Chairman of the bank’s Council, Rasmussen voted in favour of several transactions that were not in the bank’s interests, it is claimed. PNB went bankrupt last year, after the European Central Bank (ECB) assessed that it was “failing or likely…

Bank of Estonia launching research project into digital currency

Monday, October 5, 2020

The Bank of Estonia has launched a multi-year project in collaboration with the technology companies Guardtime and The SW7 Group to research how technologically suitable the Estonian e-government core technology is for operating a central bank digital currency. A central bank digital currency would in theory give people and companies a new way to deposit and use money alongside their accounts at commercial banks and cash. It would be similar…

Lithuania’s GDP dip among smallest in Europe

Monday, September 28, 2020

Even though Lithuania will likely finish the year with a drop in its annual GDP, the contraction is among the smallest in Europe, according to the chief of the country’s central bank. “The result of the first half-year period is a contraction of 0.8 percent. […] That is certainly a better result than we predicted when everything began,” Vitas Vasiliauskas, the governor of the Bank of Lithuania, told reporters on…

SEB bank hit with huge fine in Sweden over Baltic banking mistakes

Friday, June 26, 2020

Sweden’s financial supervisory authority, Finansinspektionen (FI), said June 25 it was fining SEB bank 1 billion krona (960 million euros) for “deficiencies in its work to combat anti-money laundering in the Baltics”. “SEB has not sufficiently identified the risk of money laundering in its Baltic operations and has had deficiencies in its governance and control of the Baltic subsidiary banks’ anti-money laundering measures. SEB is therefore being issued a remark…

How Baltic States help citizens and businesses in crisis

Tuesday, June 9, 2020

Generally, the Baltic States have chosen relatively similar support measures to overcome the economic crisis caused by the COVID-19 pandemic. Latvian Radio reported on June 9 about the approaches taken by Latvia, Estonia, and Lithuania. Economists stress that the effect will be worth assessing after a year and a half. Economist Pēteris Strautiņš of the Luminor bank pointed out that the objective of all countries is to reduce the decline in economic activity and to help people whose activities are…

Bank of Latvia moulds a Latgale ceramics coin

Monday, June 1, 2020

On Friday, June 5, the Bank of Latvia will release the 2 euro commemorative coin “Latgalian ceramics”, the Bank reported on June 1. Purchase will only be possible on e-monetas.lv website as of 12:00 June 5. The coins will only be available in souvenir packaging and circulation coin kits. The circulation kit will include Latgalian ceramics coins of face value of 1 cent to 2 euro. Due to the COVID-19 pandemic, the product will not be available in the Treasury of Bank of Latvia. Online purchases will…

New boss named for SEB’s Baltic operations

Tuesday, February 11, 2020

Swedish bank SEB has named a new head of its Baltic banking operations. The new Baltic banking head, Jonas Ahlström joined SEB in 2005 from Investor AB and has since then held several roles in different parts of the bank. In 2018, he assumed the role as Chief Financial Officer (CFO) of the Baltic division. “I am happy that Jonas Ahlström accepted the important task of leading the Baltic division. He has…