DOCSLIB.ORG

Financial Stability Report • 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial Stability Report • 2018 2018 ISSN 2500-9729 Financial stability: the condition in which the financial system (financial intermediaries, markets and market infrastructures) is capable of withstanding shocks, without significant disruptions in the financial intermediation process and the supply of general financial services. Systemic risk: the risk that the inability of one participant to meet its obligations will cause other participants to be unable to meet their obligations when they become due, potentially with spillover effects threatening the stability of or confidence in the financial system, economic growth and welfare. The purpose of the "Financial Stability Report" is to raise public awareness of development of the Latvian financial system and draw attention to systemic risks representing potential threats to the stability of the Latvian financial system. The "Financial Stability Report" analyses and evaluates the performance of the Latvian financial system and risks, in particular focussing on the credit institution operation on the basis of financial market data available up to the end of March 2018, economic data available up to the end of March 2018 or at the moment of compiling the current report and credit institution, NBFS and financial infrastructure data available up to the end of March 2018. Forecasts are also based on the most recent available data. The "Financial Stability Report" uses the division of credit institutions into two groups since Latvia's credit institution sector is composed of two different segments. Group 1 comprises credit institutions which granted more than 50% of their loan portfolio to domestic customers and received more than 50% of their deposits from domestic customers over the past three years. The major portion of funding of these credit institutions consists of deposits by domestic customers and financing provided by their Nordic parent banks. Group 2 is made up of other credit institutions which primarily provide services to foreign customers and receive deposits from foreign customers. Data on the branches of foreign banks registered in the Republic of Latvia have been disregarded for the purposes of calculating ROE, the total capital ratio, Tier 1 capital ratio, Common Equity Tier 1 ratio, the liquidity ratio set by the FCMC; nor have they been used for liquidity and credit risk sensitivity and stress tests. Curly brackets enclose year-on-year data. Charts and tables have been compiled on the basis of the following data sources: Charts 1.1 and 1.2 – the EC, Charts 1.3 and 1.4 – Bloomberg, Table 1.1 – financial statements of credit institutions, Chart 1.5 – the CSB, Chart 1.6 – the EC, Chart 1.7 – the CSB, Chart 1.8 – estimates by Latvijas Banka based on data of Latvijas Banka, Chart 1.9 – estimates by Latvijas Banka based on data provided by Latvijas Banka, the CSB and FCMC, Chart 1.10 – estimates by Latvijas Banka based on data provided by Latvijas Banka and the CSB, Chart 1.11 – Latvijas Banka and Bloomberg, Chart 1.12 – estimates by Latvijas Banka based on data provided by the CSB, Latio Ltd., Ober Haus Real Estate Latvia Ltd. and Arco Real Estate Ltd., Chart 1.13 – Eurostat, Chart 1.14 – the CSB, Charts 2.1 and 2.2 – Latvijas Banka, Chart 2.3 – Latvijas Banka, Chart 2.4 – Latvijas Banka and the FCMC, Charts 2.5–2.7 – Latvijas Banka, Chart 2.8 – the FCMC, Chart 2.9 – Latvijas Banka, Chart 2.10 – estimates by Latvijas Banka based on data of the FCMC, Charts 2.11–2.14 – Latvijas Banka and the FCMC, Table 2.1 – the FCMC and ECB, Table 2.2 – estimates by Latvijas Banka based on data provided by Latvijas Banka, Chart 2.15 – estimates by Latvijas Banka based on data of Latvijas Banka, Charts 2.16–2.20 – Latvijas Banka, Chart 2.21 – the FCMC, Chart 2.22 – estimates by the ECB, FCMC and Latvijas Banka based on data provided by the FCMC, Chart 2.23 – estimates by Latvijas Banka based on data provided by the FCMC, Chart 2.24 – estimates by the ECB, FCMC and Latvijas Banka based on data provided by the ECB and FCMC, Tables 2.3 and 2.4 – estimates by Latvijas Banka, Chart 3.1 – estimates by Latvijas Banka based on data provided by Latvijas Banka, the FCMC and CSB, Chart 3.2 – estimates by Latvijas Banka based on data of Latvijas Banka, Chart 3.3 – estimates by Latvijas Banka based on data provided by the CSB, Chart 3.4 – estimates by Latvijas Banka based on data provided by Latvijas Banka and the CSB, Charts 3.5 and 3.6 – Latvijas Banka, Chart 3.7 – estimates by Latvijas Banka based on data provided by the European Insurance and Occupational Pensions Authority (EIOPA), FCMC, Lietuvos bankas and Pensionikeskus, Chart 3.8 – estimates by Latvijas Banka based on data provided by the OECD and the Law on State-funded Pensions, Charts 3.9 and 3.11 – estimates by Latvijas Banka based on data of the FCMC, Charts 4.1–4.3 and A1.2–A2.5 – Latvijas Banka, Chart A2.1 – the credit institution survey conducted by Latvijas Banka, Chart A2.2 – Latvijas Banka and the CSB, Charts A2.3–A2.5 – Latvijas Banka, Tables A3.1 and A3.2 – the FCMC, Charts A4.1–A4.3 – the credit institution survey conducted by Latvijas Banka. Latvijas Banka K. Valdemāra iela 2A, Riga, LV-1050 © Latvijas Banka, 2018 Tel.: +371 67022300 [email protected] The source is to be indicated when reproduced. http://www.bank.lv FINANCIAL STABILITY REPORT • 2018 CONTENTS EXECUTIVE SUMMARY 4 1. MACROFINANCIAL ENVIRONMENT AND LENDING GROWTH 7 Box 1. Early impact of tax regulation changes on financial performance of non-financial corporations 11 Box 2. Amendments to the state support programme for house purchase 15 2. DEVELOPMENT AND RISKS OF THE CREDIT INSTITUTION SECTOR 17 Box 3. Developments in Group 2 credit institutions 17 Box 4. Changes in the credit institution sector in relation to the establishment of Luminor Bank AS 21 Box 5. Changes in liquidity requirements 23 Box 6. Liquidity stress test results 24 Box 7. Changes in the regulatory framework related to evaluation of asset quality and supervisory provisioning 27 Box 8. Changes in total capital requirements of credit institutions in 2018 34 Box 9. Credit risk shock-absorption capacity 35 3. DEVELOPMENT AND RISKS OF THE NON-BANK FINANCIAL SECTOR 39 Box 10. Growth prospects of crowdfunding in Latvia: risks and opportunities 41 4. SYSTEMICALLY IMPORTANT PAYMENT AND SETTLEMENT SYSTEMS 48 APPENDICES 1. Heatmap: analytical tool for the analysis of systemic financial stability risks in Latvia 52 2. Latvijas Banka's survey-based assessment of household borrowers 57 3. Performance indicators of credit institutions 60 4. Credit institution survey on the potential financial stability risks and the financial stress index 63 2 FINANCIAL STABILITY REPORT • 2018 ABBREVIATIONS AML/CTF – anti-money laundering and FinCEN – Financial crimes enforcement network counterterrorist financing GDP – Gross Domestic Product AS – joint stock company IT – information technologies BRRD – Directive 2014/59/EU of the European LCD – Latvian Central Depository Parliament and of the Council of 15 May 2014 LCR – liquidity coverage ratio establishing a framework for the recovery and LGD – loss given default resolution of credit institutions and investment firms Ltd. – limited liability company and amending Council Directive LTV – loan-to-value 82/891/EEC, and Directives 2001/24/EC, MFI – monetary financial institution 2002/47/EC, 2004/25/EC, 2005/56/EC, ML/TF – money laundering and terrorist financing 2007/36/EC, 2011/35/EU, 2012/30/EU and NBFS – non-bank financial sector 2013/36/EU, and Regulations (EU) No 1093/2010 and NPL – non-performing loan (EU) No 648/2012 of the European Parliament and of OECD – Organisation for Economic Co-operation and the Council Development CCB – countercyclical capital buffer O-SII – other systemically important institution CDS – credit default swap PD – probability of default CIS – Commonwealth of Independent States PIT – personal income tax CIT – corporate income tax ROA – return on assets CRD IV – Directive 2013/36/EU of the European ROE – return on equity Parliament and of the Council of 26 June 2013 on RWA – risk-weighted assets access to the activity of credit institutions and the SH – solvent household prudential supervision of credit institutions and SREP – supervisory review and evaluation process investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and SRMR – Regulation (EU) No 806/2014 of the 2006/49/EC European Parliament and of the Council of 15 July CRPC – Consumer Rights Protection Centre 2014 establishing uniform rules and a uniform CRR – Regulation (EU) No 575/2013 of the European procedure for the resolution of credit institutions and Parliament and of the Council of 26 June 2013 on certain investment firms in the framework of a Single prudential requirements for credit institutions and Resolution Mechanism and a Single Resolution Fund investment firms and amending Regulation (EU) No and amending Regulation (EU) No 1093/2010 648/2012 SRS – State Revenue Service CSB – Central Statistical Bureau of Latvia TARGET2 – the second generation of TARGET CSD SE – Central Securities Depository Societas (Trans-European Automated Real-time Gross settlement Europaea Express Transfer system) DENOS – the securities settlement system of LCD TARGET2-Latvija – a component system of TARGET2 DGF – Deposit Guarantee Fund of Latvia in Latvia whose operation is ensured by Latvijas Banka EBA – European Banking Authority in conjunction with the national central banks of the EC – European Commission ESCB participating in TARGET2 ECB – European Central Bank UK – United Kingdom ESRB – European Systemic Risk Board US – United States of America EU – European Union VAS – state joint stock company EURIBOR – euro interbank offered rate VH – vulnerable household FCMC – Financial and Capital Market Commission 3 FINANCIAL STABILITY REPORT • 2018 EXECUTIVE SUMMARY The Latvian credit institution sector has historically consisted of two distinct groups: credit institutions mostly providing services to domestic customers1 and those providing services primarily to foreign customers2.
Load more

Recommended publications
  • AS Citadele Banka Public Financial Report for the 4Th Quarter of 2016
    AS Citadele banka th Public financial report for the 4 quarter of 2016 1 AS Citadele banka th Public financial report for the 4 quarter of 2016 LETTER FROM THE MANAGEMENT KEY EVENTS IN 2016 2016 marks the year of accelerated growth in Baltic States of Latvia, Lithuania, and Estonia, as well as in Switzerland. Citadele’s strategy is to be the regional champion, the preferred bank of choice for private customers and small and medium sized businesses (SME) in the Baltics to provide their daily business and banking needs. Citadele continues to improve its products and services for these clients, as well as other customers in the Corporate and Private Capital Management segments. Another accolade for success in 2016 was the listing of Citadele’s subordinated debt securities in the regulated market for the first time. Citadele attracted EUR 40 million in new funding from the issuance of these subordinated bonds. The funds were used to increase the bank’s Tier 2 capital base to fund growth, as well as to pay back the loan received from the Latvian Privatisation Agency ahead of the schedule in January 2017. Sizeable investments were made in the infrastructure of new products and information technology to support the implementation of Citadele’s growth strategy. In 2016, Citadele introduced several unique products and services to the Latvian market including microcredit for SME customers and an online Credit Rating Tool for private customers. The Group further developed and upgraded its new mobile banking application, offering customers a modern and convenient banking solution with an authorisation tool built into the application.
    [Show full text]
  • Boletim Oficial Do Banco De Portugal N.º 7/2018
    Boletim Oficial 7 | 2018 BOLETIM OFICIAL DO BANCO DE PORTUGAL Normas e informações 7|2018 16 julho 2018 • www.bportugal.pt • Legislação e Normas • SIBAP BOLETIM OFICIAL DO BANCO DE PORTUGAL | Normas e informações 7|2018 • Banco de Portugal Av. Almirante Reis, 71 – 2.º | 1150-012 Lisboa • www.bportugal.pt • Edição Departamento de Serviços de Apoio | Área de Documentação, Edições e Museu | Núcleo de Documentação e Biblioteca • ISSN 2182-1720 (online) Índice Apresentação INFORMAÇÕES Comunicado do Banco de Portugal sobre a reserva contracíclica de fundos próprios – 3.º trimestre 2018 Comunicado do Banco de Portugal sobre a reserva contracíclica de fundos próprios – 3.º trimestre 2018 (Versão Inglesa) Comunicado do Banco de Portugal sobre a lista de países terceiros relevantes para o sistema bancário português 2018-2019 Comunicado do Banco de Portugal sobre a lista de países terceiros relevantes para o sistema bancário português 2018-2019 (Versão Inglesa) Aviso n.º 7676/2018 de 24 de maio Legislação Portuguesa Legislação Comunitária LISTA DAS INSTITUIÇÕES DE CRÉDITO, SOCIEDADES FINANCEIRAS, INSTITUIÇÕES DE PAGAMENTO E INSTITUIÇÕES DE MOEDA ELETRÓNICA REGISTADAS NO BANCO DE PORTUGAL EM 30/06/2018 Apresentação O Boletim Oficial do Banco de Portugal, pre- a que respeitam, classificadas tematica- visto no n.º 3 do artigo 59.º da sua Lei Orgâ- mente. nica, em formato eletrónico a partir de ja- neiro de 2012, tem como objetivo divulgar • Avisos do Banco de Portugal os diplomas normativos designados por Ins- Publicados em Diário da República. truções, produzidos no exercício da sua competência regulamentar. • Cartas Circulares Emitidas pelo Banco de Portugal e que, Acessoriamente, esta publicação reúne e apesar do seu conteúdo não normativo, disponibiliza os Avisos do Banco de se entende dever ser objeto de divulga- Portugal (sempre publicados no Diário da ção alargada.
    [Show full text]
  • Freedom of Investment Process
    Freedom of Investment Process INVENTORY OF INVESTMENT MEASURES TAKEN BETWEEN 16 FEBRUARY 2010 AND 15 SEPTEMBER 2010 5 October 2010 The ―Freedom of Investment" (FOI) process hosted by the OECD Investment Committee has stepped up monitoring of investment policy developments in the 50 economies that participate in the process. This report was prepared for the 13th Roundtable on Freedom of Investment held in October 2010. It follows on from an earlier report submitted for consideration at the Freedom of Investment Roundtable 12 in March 2010 that covered investment measures taken between 1 September 2009 and 15 February 2010. Information presented in this report has also been used for two joint reports by WTO, OECD and UNCTAD, released on 14 June and 4 November 2010, respectively, in response to the G20 Leaders' request of 2 April 2009 for quarterly public reporting on their adherence to their trade and investment policy commitments. More information about the FOI process is available at www.oecd.org/daf/investment/foi. Investment Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 rue André-Pascal, Paris 75116, France www.oecd.org/daf/investment/ TABLE OF CONTENTS Inventory of Investment measures taken between 16 February 2010 and 15 September 2010.............. 4 Summary of findings ..................................................................................................................................... 4 (1) Investment-specific measures 6 (2) Investment measures
    [Show full text]
  • SC “Citadele Banka” Public Financial Report for the 1Stquarter of 2015
    SC “Citadele banka” Public financial report for the 1st quarter of 2015 Information disclosed in the report is prepared in accordance with the Financial and Capital Market Commission’s regulation No. 145 „Regulations on Preparation of Public Quarterly Reports of Credit Institutions”. 1 SC “Citadele banka” Public financial report for the 1st quarter of 2015 Information disclosed in the report is prepared in accordance with the Financial and Capital Market Commission’s regulation No. 145 „Regulations on Preparation of Public Quarterly Reports of Credit Institutions”. Management Report The economic environment Results related to gross domestic product show that Latvia’s economy managed to maintain a stable cruise speed during the beginning of this year. Economic output during the 1 st quarter of 2015 increased by 2.0% in comparison to the same period last year. On a quarterly basis, GDP continued to grow by an average of ½ of a percentage point each quarter. The year has begun quite successfully for the retail sector, with revenues during Q1 increasing by 7.5% on an annual basis. These excellent results are partly down to increased wages and the relatively low level of activity among consumers during the start of 2014, right after the euro was introduced. Declining energy resource prices also had a certain role in the increase in household spending. After an interruption of two quarters, output in the processing industries increased by 4%, and the sector’s contribution toward GDP was once again positive. Since the beginning of last year, during the 1 st quarter of 2015 the trends of the metal processing sector – one that had been hindered during previous years by growth in the processing industries – have no longer been negative.
    [Show full text]
  • 690 Final Part I COMMISSION STAFF WORKING PAPER Accomp
    EUROPEAN COMMISSION Brussels, 10.6.2011 ELECTRONIC VERSION ONLY SEC(2011) 690 final Part I COMMISSION STAFF WORKING PAPER Accompanying the REPORT FROM THE COMMISSION on Competition Policy 2010 {COM(2011) 328 final} EN EN TABLE OF CONTENTS I – Instruments............................................................................................................................ 7 A – Follow-up to the implementation of the crisis framework for state-aid.............................. 7 1. Crisis-related support for the financial sector .............................................................. 7 2. Application of the Temporary Framework .................................................................. 8 3. Exit strategy................................................................................................................. 9 4. Contribution of competition policy to the economic adjustment programmes of Greece and Ireland ..................................................................................................... 11 4.1. Greek economic adjustment programme ................................................................... 11 4.2. Irish economic adjustment programme...................................................................... 12 B – Antitrust – Articles 101 and 102 TFEU............................................................................. 13 1. Shaping and applying the rules .................................................................................. 13 1.1. Shaping the rules: review of Block Exemption
    [Show full text]
  • Document De Recherche Du Laboratoire D'économie D'orléans
    Document de Recherche du Laboratoire d’Économie d’Orléans Working Paper Series, Economic Research Department of the University of Orléans (LEO), France DR LEO 2019-10 Banking sector concentration, competition and financial stability: the case of the Baltic countries Juan Carlos CUESTAS Yannick LUCOTTE Nicolas REIGL Mise en ligne / Online : 17/11/2019 Laboratoire d’Économie d’Orléans Collegium DEG Rue de Blois - BP 26739 45067 Orléans Cedex 2 Tél. : (33) (0)2 38 41 70 37 e-mail : [email protected] www.leo-univ-orleans.fr/ Banking sector concentration, competition and financial stability: the case of the Baltic countries Juan Carlos Cuestas∗ Yannick Lucotte† Nicolas Reigl‡ November 15, 2019 Abstract This paper empirically assesses the potential nonlinear relationship be- tween competition and bank risk for a sample of commercial banks in the Baltic countries over the period 2000-2014. Competition is measured by two alternative indexes, the Lerner index and the market share, while we consider the Z-score and loan loss reserves as proxies for bank risk. In line with the theoretical predictions of Martinez-Miera and Repullo (2010), we find an inverse U-shaped relationship between competition and financial stability. This then means that above a certain threshold, the lack of competition is likely to exacerbate the individual risk-taking behaviour of banks, and could be detrimental to the stability of the banking sector in the Baltic countries. The threshold is around 0.60 for the Lerner index, and close to 50% for market share in terms of assets. The policy implica- tions are that the existence of such a threshold suggests that the future evolution of the structure of the banking industry in these countries is of critical importance.
    [Show full text]
  • An Analysis of Financial Crisis Consequences and The
    UNIVERSITY OF LJUBLJANA FACULTY OF ECONOMICS MASTER’S THESIS AN ANALYSIS OF FINANCIAL CRISIS CONSEQUENCES AND THE IMPACT OF SUBSEQUENT REGULATORY REFORMS ON THE SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTIONS IN THE EU FROM 2007 TO 2015 Ljubljana, March 2018 KRISTIAN JEREBIČ AUTHORSHIP STATEMENT The undersigned Kristian Jerebič, a student at the University of Ljubljana, Faculty of Economics, (hereafter: FELU), author of this written final work of studies with the title An analysis of financial crisis consequences and the impact of subsequent regulatory reforms on the systemically important financial institutions in the EU from 2007 to 2015, prepared under supervision of Marko Košak, PhD. DECLARE 1. this written final work of studies to be based on the results of my own research; 2. the printed form of this written final work of studies to be identical to its electronic form; 3. the text of this written final work of studies to be language-edited and technically in adherence with the FELU’s Technical Guidelines for Written Works, which means that I cited and / or quoted works and opinions of other authors in this written final work of studies in accordance with the FELU’s Technical Guidelines for Written Works; 4. to be aware of the fact that plagiarism (in written or graphical form) is a criminal offence and can be prosecuted in accordance with the Criminal Code of the Republic of Slovenia; 5. to be aware of the consequences a proven plagiarism charge based on the this written final work could have for my status at the FELU in accordance with the relevant FELU Rules; 6.
    [Show full text]
  • Latvijas Banka: Annual Report 2013 Issn 1407–1800
    LATVIJAS BANKA: ANNUAL REPORT 2013 ISSN 1407–1800 LATVIJAS BANKA: ANNUAL REPORT 2013 In Charts, the dots indicate the actual data, and the lines reflect the smoothing approximation of the data. The smoothing approximation of the daily data is more distinguished than the curve of the actual data. Details may not add because of rounding-off. – no transactions or no outstanding amounts in the period. x no data available or no computation of indicators possible. 2 0 the indicator is below 0.5 but over 0, or the result of the computation of the indicator is 0. L REPORT 2013 REPORT L A NNU A : A NK A S B A LATVIJ © Latvijas Banka, 2014 The source is to be indicated when reproduced. Photos: Aivars Liepiņš and Andris Tenass. The cut-off date is 29 April 2014. CONTENTS Foreword of the Governor 5 3 Statements of Vision, Mission and Values of Latvijas Banka 9 Economic Environment 11 Global Economic Environment 12 Latvia's Economic Environment 16 Inflation and Prices 16 Gross Domestic Product 18 Labour Market 21 Foreign Trade, Balance of Payments and External Debt 22 Fiscal Developments 24 Credit Institution Developments 25 Money Supply 27 Monetary Base 31 Lending and Deposit Rates 32 Interbank Market 34 Foreign Exchange Market 35 Securities Market 37 LATVIJAS BANKA: ANNUAL REPORT 2013 REPORT ANNUAL BANKA: LATVIJAS Operations and Activities of Latvijas Banka 41 Legal Framework and Functions. Latvijas Banka in the European System of Central Banks and Institutions of the European Union 42 Development, Adoption and Implementation of Monetary Policy 43
    [Show full text]
  • Boletim Oficial N.º 7/2019
    BOLETIM OFICIAL DO BANCO DE PORTUGAL Normas e informações 7|2019 15 julho l 2019 • www.bportugal.pt • Legislação e Normas • SIBAP BOLETIM OFICIAL DO BANCO DE PORTUGAL | Normas e informações 7|2019 • Banco de Portugal Av. Almirante Reis, 71 – 2.º | 1150-012 Lisboa • www.bportugal.pt • Edição Departamento de Serviços de Apoio | Unidade de Documentação e Biblioteca • ISSN 2182-1720 (online) Índice Apresentação INSTRUÇÕES Instrução n.º 13/2019 CARTAS CIRCULARES Carta Circular n.º CC/2019/00000061 INFORMAÇÕES Reciprocidade da medida macroprudencial aplicada pela Finansinspektionen Reciprocidade da medida macroprudencial aplicada pela Finansinspektionen (Versão inglesa) Comunicado do Banco de Portugal sobre a reserva contracíclica de fundos próprios – 3.º trimestre 2019 Comunicado do Banco de Portugal sobre a reserva contracíclica de fundos próprios – 3.º trimestre 2019 (Versão inglesa) Comunicado do Banco de Portugal sobre a lista de países terceiros relevantes para o sistema bancário português 2019–2020 Comunicado do Banco de Portugal sobre a lista de países terceiros relevantes para o sistema bancário português 2019–2020 (Versão inglesa) Aviso n.º 9704/2019 de 9 de maio Legislação Portuguesa Legislação Comunitária LISTA DAS INSTITUIÇÕES DE CRÉDITO, SOCIEDADES FINANCEIRAS, INSTITUIÇÕES DE PAGAMENTO E INSTITUIÇÕES DE MOEDA ELETRÓNICA REGISTADAS NO BANCO DE PORTUGAL EM 30/06/2019 Apresentação O Boletim Oficial do Banco de Portugal, pre- a que respeitam, classificadas tematica- visto no n.º 3 do artigo 59.º da sua Lei Orgâ- mente. nica, em formato eletrónico a partir de ja- neiro de 2012, tem como objetivo divulgar • Avisos do Banco de Portugal os diplomas normativos designados por Ins- Publicados em Diário da República.
    [Show full text]
  • Staatliche Beihilfen
    16.5.2014 DE Amtsblatt der Europäischen Union C 147/11 V (Bekanntmachungen) VERFAHREN BEZÜGLICH DER DURCHFÜHRUNG DER WETTBEWERBSPOLITIK EUROPÄISCHE KOMMISSION STAATLICHE BEIHILFEN — REPUBLIK LETTLAND Staatliche Beihilfe SA.36612 (2014/C) (ex 2013/NN) — Nicht angemeldete Beihilfen Lettlands für Citadele und Parex Aufforderung zur Stellungnahme nach Artikel 108 Absatz 2 AEUV (Text von Bedeutung für den EWR) (2014/C 147/07) Mit Schreiben vom 16. April 2014, das nachstehend in der verbindlichen Sprachfassung abgedruckt ist, hat die Kommission die Republik Lettland von ihrem Beschluss in Kenntnis gesetzt, wegen der genannten Beihilfen das Verfahren nach Artikel 108 Absatz 2 AEUV einzuleiten. Alle Beteiligten können innerhalb von 10 Arbeitstagen nach Veröffentlichung dieser Zusammenfassung und des Schreibens zu den Maßnahmen, die Gegenstand des von der Kommission eingeleiteten Verfahrens sind, Stellung nehmen. Die Stellungnahmen sind an folgende Anschrift zu richten: Europäische Kommission Generaldirektion Wettbewerb Registratur Staatliche Beihilfen Rue de la Loi/Wetstraat 200 1049 Bruxelles/Brussel BELGIQUE/BELGIË Fax +32 22961242 E-Mail: [email protected] Alle Stellungnahmen werden der Republik Lettland übermittelt. Beteiligte, die eine Stellungnahme abgeben, können unter Angabe von Gründen schriftlich beantragen, dass ihre Identität nicht bekanntgegeben wird. WORTLAUT DER ZUSAMMENFASSUNG Verfahren 1. Am 15. September 2010 (1) genehmigte die Kommission den Umstrukturierungsplan der AS Parex banka, in dem die Aufspaltung der AS Parex banka in die AS Citadele banka und die AS Reverta vorgesehen war. (2) Am 10. August 2012 genehmigte die Kommission Änderungen an drei in der Entscheidung zur Genehmigung des Umstrukturierungsplans festgelegten Auflagen (3). 2. Seitdem hat die Kommission im Rahmen des Monitoring des genehmigten Umstrukturierungsplans und damit verbundener Auflagen festgestellt, dass Lettland Beihilfen gewährt hat, die über die von der Kommission bereits genehmigten Maßnahmen hinausgehen.
    [Show full text]
  • COPING with the INTERNATIONAL FINANCIAL CRISIS at the NATIONAL - Impact and Financial Sector Policy Responses in 2008–2015 - November 2017 LEVEL in a EUROPEAN CONTEXT
    Coping with the international financial crisis at national level in a European conte COPING WITH THE INTERNATIONAL FINANCIAL CRISIS AT THE NATIONAL xt - Impact and financial sector policy responses in 2008–2015 - November 2017 Impact and financial sector policy responses in 2008–2015 - November LEVEL IN A EUROPEAN CONTEXT Impact and financial sector policy responses in 2008-2015 November 2017 Banking and Finance EUROPEAN COMMISSION Brussels, 21.11.2017 SWD(2017)373 final COMMISSION STAFF WORKING DOCUMENT Coping with the international financial crisis at the national level in a European context Impact and financial sector policy responses in 2008 – 2015 EN EN European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union Coping with the international financial crisis at the national level in a European context Impact and financial sector policy responses in 2008 – 2015 This document has been prepared by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). This document is a European Commission staff working document for information purposes. It does not represent an official position of the Commission on this issue, nor does it anticipate such a position. Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. ABBREVIATIONS Countries and regions EU:
    [Show full text]
  • Western Banks in the Baltic States: a Preliminary Study on Transition, Europeanisation and Financialisation Leonardo Pataccini
    Working Paper Series GEOFIN Working Paper No. 11 Western Banks in the Baltic States: a preliminary study on transition, Europeanisation and financialisation Leonardo Pataccini 2020 Version: Final _________________________________________________________________________ GEOFIN - Western Banks in Eastern Europe: New Geographies of Financialisation This project has received funding from the European Research Council (ERC) Consolidator Grant under the European Union’s Horizon 2020 research and innovation programme (Grant agreement No. 683197) _________________________________________________________________________ GEOFIN Working Paper No. 11 __________________________________________________________________________________ © GEOFIN research Trinity College Dublin, the University of Dublin, Dublin, Ireland https://geofinresearch.eu/ _________________________________________________________________________ Page 2 of 36 GEOFIN Working Paper No. 11 __________________________________________________________________________________ GEOFIN Working Paper No. 11 Western Banks in the Baltic States: a preliminary study on transition, Europeanisation and financialisation Leonardo Pataccini Abstract: Since the restoration of their independence from the USSR, in 1991, the Baltic states of Estonia, Latvia and Lithuania have gone through a tortuous process of ‘transition’ to establish market economies and join the European Union. However, the Baltic states represent a unique case among the transition economies of East-Central Europe (ECE) due to several
    [Show full text]