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Government to select consultants for audit in financial sector’s supervisory institutions

Māris Kučinskis/flickr.com/Saeima.
Next week, the government should reach an agreement on the audit for institutions supervising Latvia’s financial sector, said Prime Minister Māris Kučinskis.

«Finance Ministry should spend this week selecting a consultant to perform the audit. This audit will be performed in the Finance and Capital Market Commission (FCMC), as well as other supervisory institutions,» said the prime minister.

Kučinskis says it is important to assess activities of all supervisory institutions. «The audit will also help find answers for many questions regarding monitoring measures. It is also important to assess decisions made by the European Central Bank (ECB) and FCMC,» he said.

When asked if Latvia can expect certain officials to be replaced in their posts after the audit, Kučinskis said «this is why an audit is performed – to ensure change of status or officials in different posts». At the same time, the prime minister said there is currently no reason to think about any possible violations committed by officials of any supervisory institutions.

The prime minister also added that it is more important to evaluate the reduction of transactions among fake companies. «This is not about non-residents – it applies specifically to fake businesses,» said Kučinskis.

Finance Minister Dana Reizniece-Ozola adds that the consultant will be chosen with help from Latvia’s partners – World Bank, OECD and others.

«We will try performing the audit as quickly as possible. Still, quality is more important than speed. Performing an audit specifically to dazzle someone would not be reasonable. It should be said that it should be evaluated if existing regulations are enough or if it necessary to add changes to any laws. The audit should provide a systemic assessment of supervisory institutions,» said the finance minister.

According to her, the audit could be delegated to Saeima’s Budget and Finance Committee. Members would attract independent experts to perform the audit.

On Saturday, 24 February, Reizniece-Ozola told journalists that she plans to ask the Saeima to perform an audit of the institution supervising the country’s financial sector.

She mentioned that she and foreign institutions are confident about the work performed by FCMC. Still, this does not mean there aren’t any problems. «To make sure everything is alright and we can trust decisions made by FCMC, the ministry will talk with the Saeima to initiate an audit and check the quality of work of this institution,» said Reizniece-Ozola.

FCMC Chairman Pēters Putniņš told LETA that the initiative for an audit is supportable. «Not only do we support this initiative, but we also stand firmly behind the institution’s principles and decisions. We feel safe as a supervisory institution,» he said.


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