Posts tagged as Banks

Most difficult time for banks in Estonia has passed

Tuesday, October 13, 2020

The Estonian Financial Supervision Authority (FSA) has said the most difficult time for banks during the coronavirus crisis has passed and at the end of the second quarter requests for loan holidays has ceased. In the second quarter (April, May and June), the loan stock of the banking sector decreased by 0.7 percent year-on-year to €27.5 billion. In the previous quarter (January, February and March), the loan balance grew by 0.9…

Banking rules in Latvia should ease investor entry

Thursday, September 10, 2020

Banks working with non-residents subject to strict rules should set up a “green corridor” to allow investors to enter Latvia, Economics Minister Jānis Vitenbergs (KPV LV) told Latvian Television September 10. Several companies in Belarus   have expressed interest in transferring their activities to Latvia. At the same time, concerns are raised about the cooperation of such companies with Latvian banks, given the strict rules regulating non-resident banking latterly introduced in…

Latvian financial regulator publishes due diligence guidelines for banks

Tuesday, August 25, 2020

Latvia’s financial regulator the Financial and Capital Markets Commission (FKTK) on August 25 published a list of recommendations for banks and other financial institutions aimed at producing improvements in the areas of internal control and customer due diligence, which have repeatedly proven to be weaknesses in the past. The recommendations were drawn up in collaboration with the industry itself and are advisory rather than compulsory with legally-binding obligations. “The extensive work…

Latvian banks operated with EUR 17.4 mln in profit in Q1

Friday, July 3, 2020

The Latvian banking sector operated with EUR 17.438 million in profit in the first quarter of the year, which is a 4.2 times drop compared to the same period in 2019, writes LETA, according to the information from the Latvian financial regulator, the Finance and Capital Market Commission (FCMC). The banks’ aggregate assets contracted by 3.5% from the end of 2019 to EUR 21.724 billion at the end of the…

Banks raise contactless pay limit to 50 euros

Wednesday, March 25, 2020

Latvia’s retail banks have agreed to raise the standard limit for “contactless” transactions to 50 euros from the previous 25 euros, saying that doing so will potentially help counter the spread of coronavirus via buttons and keypads. With many people buying supplies such as food in bulk on a weekly rather than daily basis, shopping trips can easily exceed the previous limit. Finance industry body the  Finance Latvia Association   (FLA), which includes…

Lithuania to raise corporate tax on banks; lobby to ask for president’s veto

Tuesday, December 17, 2019

The corporate income tax for banks and credit unions is set to rise by 5 points to 20 percent in January. Lithuania’s banking lobby said it will ask for president’s veto on the tax hike. The higher rate will apply to a bank’s earnings exceeding 2 million euros. Banks are now taxed at a 15 percent rate like other legal entities in Lithuania. On Tuesday, the Seimas adopted the draft…

Locally funded banks are expanding their capabilities

Wednesday, October 16, 2019

The banking market in Latvia has been through a lot, and has changed lot. What is the role of formerly “non-resident” banks in the national economy today, and what do clients stand to gain? To find out, we talked to Roberts Idelsons, Chairman of the Board of “Signet Bank”, and Dmitrijs Latiševs, Chairman of the Board of BlueOrange Bank. What events or factors have had the greatest impact on banks that…

Finance commission: some banks consider leaving Latvia in favour of other countries

Tuesday, April 9, 2019

Among the banks that service foreign clients there are some that are considering leaving Latvia in favour of establishing a foothold in another country, says Finance Capital and Market Commission chairman Pēters Putniņš. He did not say exactly how many such banks there are in Latvia. When asked if business models of banks servicing foreign clients have been creative so far, Putniņš said no. «I would like to say no,…

Most banks in Latvia have failed to submit audited annual accounts on time

Friday, April 5, 2019

Most of the banks present in Latvia have not published audited annual accounts for the previous year, according to information compiled by LETA. The banks that have failed to submit audited annual accounts before April include Baltic International Bank, BlueOrange Bank, LPB Bank, Meridian Trade Bank, PNB banka (previously Norvik banka), Privatbank, Signet Bank, as well as Rietumu banka. The latter submitted its annual account on Thursday, 4 April. «We…

Three major high street banks phase out pass code cards, beginning February

Saturday, January 12, 2019

Three of Estonia’s major high street banks are to completely phase out the use of pass code cards when using their services online, from early February. The pass code cards, which have been in use for practically as long as online banking has been provided by banks in Estonia, are physical plastic cards printed with around 30, 6-digit numbers (see picture). On logging in, a user must provide one of…