Banks are closely linked to national security and its image - Levits

  • 2020-09-29
  • LETA/TBT Staff

RIGA - The banking sector is closely linked with national security and its image, President Egils Levits said in his address at today's conference called Legal Aspects of Credit Institutions' Operations and Supervision.

The President said that the sustainability of the banking business loan portfolio could become a basis for success for the Latvian economy in the future as well, and added that banks had already played a significant role in creating wealth in the past.

Levits said that the banking sector has also caused several crises, but that does not mean that banks should 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 instead of avoiding them altogether, and expressed hope that in the future banking services should be available in equal quality to all Latvian residents, as they are part of the national economic ecosystem.

Prosecutor General Juris Stukans 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.