2008-09-16 On the Financial Shock in the USA

30.09.2008
  • Section:

Riga, 16 September 2008

Press Release

On the Financial Shock in the USA

In view of the recent shocking developments in the USA financial system, the Financial and Capital Market Commission (hereinafter – the Commission) has aggregated data on the total exposure of the Latvian financial sector (banks, insurance undertakings, investment management companies) to the US investment group Lehman Brothers, which currently totals 9.2 million euros.

The Commission would like to note that at the moment neither any additional measures nor restrictions on certain financial transactions or stricter control over the Latvian financial system are planned in connection with the US economic situation. The Commission will keep following the economic processes in the United States and in case of necessity will react in line with the joint position of the European Union.

On the basis of information at the Commission’s disposal it is premature to judge on the likely impact of going bankrupt or getting into material financial difficulties of several major US market participants on the US financial system overall.

Ieva Upleja
Public Relations Adviser
Chairwoman’s Office
Financial and Capital Market Commission
phone: +371 6777 4807
e-mail:ieva.upleja@fktk.lv

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