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Saturday 19.10.2019 | Name days: Drosma, Drosmis, Elīna
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Candidate: FCMC team should learn to work substantially, not formally

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Santa Purgaile

The team of Latvia’s Finance and Capital Market Commission (FCMC) should learn to work substantially, not formally, said the candidate for the post of chief of FCMC and Citadele Bank board member Santa Purgaile at a press –conference on Thursday, 19 September.

She says she has worked in the finance sector 25 years. It is over the court of these years she has got a certain impression as to what has been accomplished so far and what can still be accomplished.

«Latvia’s finance sector represents an important factor for the country’s economy. This is why it is necessary to do everything to restore the reputation of Latvia’s finance sector and make sure our country is not added to any grey or black list. There are changes expected for FCMC,» stresses Purgaile.

«A team of professional and talented people will be composed and competences of existing FCMC employees will be evaluated. The team needs to learn to work and think substantially, not formally. The team needs to be serious and talented – people have to be able to not only promise but also be able to cooperate and discuss,» stresses Purgaile.

She also says Latvia’s finance system should become more predictable and stable in the long term, as well as cooperate with local and foreign investors focused on innovative financial services.

Purgaile predicts changes for the finance sector and enhancement of monitoring mechanisms.

«There are many banks in Latvia, but their numbers keep reducing. Certain banks have already performed major changes. It is entirely possible, however, that there may be discussions about the banks that have yet to take action. However, it is first necessary to put out the fire caused by Moneyval report. Finance Intelligence Service has accomplished a lot in this topic. Still, work needs to be finished,» she said.

Purgaile is prepared to think on what should be done. The candidate for the post of FCMC’s head plans forming cooperation with international partners to explain how much Latvia has accomplished in the field of prevention of financial crimes.

She also notes that the volume of non-resident deposits in Latvia has gone down. Nevertheless, Purgaile allows there could be holes in the pipeline, which is why one of the primary objectives as head of FCMC for her will be identifying and fixing them.

«If we find any, we will prevent them. Still, most banks already know how to deal with this problem,» adds Purgaile.

She also voiced support for Saeima’s Budget and Finance Committee’s proposal to add FCMC to the Bank of Latvia.

«This is positive news and a logical step,» says Purgaile.


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