Impact of Covid-19

Information on the impact of Covid-19 on the Latvian financial sector aggregated by the FCMC, as well as the summary of statements about Covid-19 made by the European financial supervisory authorities and statements of the Finance Latvia Association available here:

FCMC’s statements relating to Covid-19

27.03.2020 FCMC expects Latvia’s credit institutions to refrain from a dividend payment under the current circumstances

12.03.2020 With an outbreak of COVID-19, in supervising the financial market participants the FCMC will ensure an individual and flexible approach

Statements by the European financial supervisory authorities relating to Covid-19

ECB statements:

15.12.2020 ECB asks banks to refrain from or limit dividends until September 2021

17.09.2020 ECB allows temporary relief in banks’ leverage ratio after declaring exceptional circumstances due to pandemic

28.07.2020 ECB extends recommendation not to pay dividends until January 2021 and clarifies timeline to restore buffers

4.05.2020 Response to the coronavirus pandemic

4.05.2020 Measures to support the euro area economy

12.03.2020 ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus

EBA statements:

16.12.2020 The EBA continues to call on banks to apply a conservative approach on dividends and other distributions in light of the COVID-19 pandemic

02.12.2020 The EBA reactivates its Guidelines on legislative and non-legislative moratoria

18.06.2020 EBA extends deadline for the application of its Guidelines on payment moratoria to 30 September

22.04.2020 EBA provides further guidance on the use of flexibility in relation to COVID-19 and calls for heightened attention to risks

02.04.2020 EBA publishes Guidelines on treatment of public and private moratoria in light of COVID-19 measures

31.03.2020 EBA provides additional clarity on measures to mitigate the impact of COVID-19 on the EU banking sector

25.03.2020 EBA provides clarity to banks and consumers on the application of the prudential framework in light of COVID-19 measures

12.03.2020 EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector

ESMA statements:

11.06.2020 ESMA publishes statement on MiFIR open access and COVID-19

06.05.2020 COVID-19: Reminder of firms’ MiFID II conduct of business obligations in the context of increasing retail investor activity

31.03.2020 COVID-19: Clarification of issues related to the publication of reports by execution venues and firms as required under RTS 27 and 28

27.03.2020 Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive

25.03.2020 Accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9

20.03.2020 ESMA statment on COVID-19: Clarification of issues related to the application of MiFID II requirements on the recording of telephone conversations

19.03.2020 ESMA statment on actions to mitigate the impact of COVID-19 on the EU financial markets – postponement of the reporting obligations related to securities financing transactions under the Securities Financing Transactions Regulation and under Markets in Financial Instruments Regulation

11.03.2020 ESMA recommends action by financial market participants for COVID-19 impact

EIOPA statements:

27.07.2020 EIOPA Statement on Solvency II supervisory reporting in the context of COVID-19

08.07.2020. EIOPA clarifies supervisory expectations on product oversight and governance requirements in the context of COVID-19

30.04.2020 EIOPA revises its timetable for advice on Solvency II Review until end December 2020

02.04.2020 EIOPA update on other measures impacted by COVID-19 pandemic

02.04.2020 EIOPA urges (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs

01.04.2020 EIOPA urges insurers and intermediaries to continue to take actions to mitigate the impact of Coronavirus/COVID-19 on consumers

17.03.2020 EIOPA statement on actions to mitigate the impact of Coronavirus/ COVID-19 on the EU insurance sector

Finance Latvia Association’s statements relating to Covid-19 

05.05.2020 Businesses Can Delay Base Loan Repayments For Up To Six Months

29.04.2020 Private individuals will be able to delay mortgage base repayments for up to a year, leasing and consumer loans — up to six months

17.04.2020 Summary: Banks Not Paying Dividends for 2019

25.03.2020 Banks Increase Contactless Card Limits to 50 Euro

20.03.2020 Banks offer additional support to business owners and clients affected by the consequences of Covid-19

16.03.2020 Before you visit a branch in person—check if the service you need is available digitally