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Vilks allows possibility of Cyprus' non-resident deposits flowing to "old" EU member states

Andris Vilks. Photo: LETA.
 RIGA, March 22 - Instead of Latvia, Cyprus' non-resident deposits could flow to the "old" EU member states, points out Finance Minister Andris Vilks (Unity).
Vilks emphasizes that the Latvian requirements for assessing non-resident clients are among the highest.

The Latvian financial sector has higher capital liquidity requirements than the EU and strict supervisory mechanisms. In addition, there is a set of special measures for supervising non-resident deposit flows, explains the minister.

It is possible that non-resident deposits will increase, however, banks and their supervisor must continue to focus on managing proactive risks, explains Vilks.
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