Defense Ministry and banks play out crisis scenario in an exercise

RIGA - Representatives of the Latvian financial sector today participated in the Defense Ministry’s exercise simulating a crisis scenario to test the sector’s readiness to work in the circumstances of an emergency, LETA was told at the ministry.

“The financial sector’s ability to work during hybrid warfare is an essential part of the comprehensive national defense system. For that reason, we organize such exercises with banks and other leading institutions of this sector,” Defense Minister Artis Pabriks (For Development/For) said as he opened the drills.

Representatives of the financial sector have already participated in similar crisis simulations played out in previous years. The aim of such exercises is to strengthen the Latvian financial sector’s resilience to various kinds of threats.

The Cabinet of Minister’s exercise Kristaps, which is planned for this fall, will also put an emphasis on the financial sector’s preparedness for functioning in a potential emergency.

One of the purposes of the comprehensive national defense system is to ensure the functioning of critical sectors like energy supply, communications, financial services and healthcare during various kinds of emergencies and disasters.

As reported, on January 8 the government approved the Defense Ministry’s report on the creation of Latvia’s comprehensive national defense system.

On April 2, 2019, the Latvian government approved the creation of a workgroup in charge of the coordination of matters concerning comprehensive national defense.