The banking sector is closely connected with national security and its image, President Egils Levits said in a speech at the conference “Legal Aspects of Credit Institutions’ Operation and Supervision” on Tuesday.
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The President said that the sustainability of the banking business loan portfolio could become a basis for success in the Latvian economy in the future as well, but added that banks had already played a significant role in creating prosperity.
Levits said the banking sector has also caused a number of crises, but that does not mean that banks are to be feared. “We have experienced bank failures, bank changes, their entry and exit from Latvia, but they are closely related to Latvia’s external image and national security,” said Levits.
The President added that the state must be able to manage risks more successfully than avoid them, and expressed hope that in the future banking services should be available in equal quality to all Latvians, as they are part of the national economic ecosystem.
Prosecutor General Juris Stukāns also expressed hope that a mechanism would soon be established in Latvia that would completely prevent the circulation of “dirty” money, but added that without financial circulation, the Latvian economy would not be possible.
The conference “Legal Aspects of Credit Institutions’ Operations and Supervision” is dedicated to the improvement of the banking sector and is attended by the President, Attorney General, Dean of the Faculty of Law of the University of Latvia Anita Rodiņa, Chairman of the Fiscal Discipline Council, Professor Inna Šteinbuka.
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