Financial Sector Development Plan 2021-2023 - Adopted by Cabinet of Ministers on 18 March 2021
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Financial Sector Development Plan
2021-2023
Adopted by Cabinet of Ministers on 18 March 2021
Goals and priorities of Financial sector
development plan 2021-2023
Government declaration – We will implement a financial market policy
that promotes the competitiveness and digital development of the
financial sector supporting economic growth.
The plan offers evaluation of financial sector, identifies priorities and
institutions responsible for specific actions.
Goal of the actions included in the plan – continue to develop innovative and
accessible financial sector, that promotes and supports sustainable economic growth.
Priority areas:
Improve access to financing and investment opportunities
Digitalization and availability of innovative financial services
Sustainable finance
2Financial sector, important numbers
Outstanding bank loans to GDP Stock market cap in EU, % of GDP
(FCMC) 2018
80 100
70 90
122.6%
60 80
108.3%
104.2%
101.1%
50 70
40 60
87.6%
30 50
72.0%
20 40
61.0%
52.6%
10 30
45.7%
35.4%
34.9%
0 20
31.1%
30.7%
29.4%
28.4%
26.6%
26.5%
24.4%
19.0%
18.1%
-10 10
13.9%
13.7%
9.9%
8.9%
-20 0
7.4%
6.2%
2.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(Q 3)
Loans, yoy change, % Loans/GDP, % (right axis)
LU
BG
LV
FR
FI
ES
SK
NL
DE
DK
CR
CZ
IT
AT
HU
BE
IR
CY
PL
PT
EL
EE
RO
LT
SE
MT
SL
Insurance premiums in domestic market, % of GDP Main financial assets of households, %
(Insurance Europe) (Bank of Latvia)
60%
12%
50%
10%
40%
8%
30%
6% 20%
4% 10%
2% 0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0%
Noguldījumi
Deposits
FI
FR
SE
PT
PL
ES
SI
LU
MT
SK
LV
CH
IT
IE
CY
EE
BG
RO
LT
DK
NL
BE
DE
AT
NO
CZ
HR
HU
GR
IS
Equity
Pašu anduninvestment
kapitāls fund shares
ieguldījumu fondu ieguldījumu apliecības
2017 2018 3
Insurance, pension
Apdrošināšanas, andstandarta
pensiju un standard guarantees
garantijasAccess to financing and investment opportunities
• Regular assessment of barriers for lending
• Simplify the process of registering changes in Land Register related to
refinancing
Sustainable • Better access to information for credit risk assessment
lending • Improved state support programs (guarantees and loans)
• Promoting use of financing and technical support from international financial
institutions
Capital • Baltic IPO fund for SMEs
markets and • Implementation of Financial and Capital Market Commission's 10 step
program for development of capital market
promoting • More active participation of state owned enterprises in capital markets
culture of • Continuation of support program for SME’s entry into capital markets
saving and • Further improvement of pensions regulation to facilitate investments in Latvian
economy
investing
• Implementation of the Financial literacy strategy with objective to promote
Financial culture of saving and investing
literacy • Make information on accumulated pension savings more accessible
4Digitalization and availability of innovative
services
• Cooperation framework for supporting innovation in financial services
Innovation • Elaboration of national Fintech strategy
friendly • Promoting cooperation with universities in the field of financial
innovation
ecosystem
Access to
• More credit institutions in instant payments scheme
payment and • State Treasury to join instant payments and related services infrastructure
digital • Improvements in e-invoice and e-receipt infrastructure
infrastructure
Information
on risks and
• Improve literacy in digital safety
opportunities • Improve cyber risk management culture within fintech companies
of financial
technology 5Sustainable finance
Strategic and
institutional • Creation of inter institutional cooperation framework
• Transposition of EU sustainable finance regulation in national
framework regulation, avoiding applying stricter requirements in national level
for reaching • Develop and implement National sustainable finance strategy
sustainable • Promote clear definition of policy goals and roadmap for specific
finance goals sectors in the economy
Availability of • Improve availability of ESG data
ESG data • Creation of Ecolabel for financial products
Improve
understanding • Promote understanding of sustainable finance within financial sector
of sustainable and among consumers, businesses
finance 6THANK YOU!
You can also read
