Foreign banks do not want to create competitors for foreign companies in the Baltic States, so the head of the ECB's supervision points out that, as banks dominate in the Baltic States, the capital markets remain small

 

 "With foreign banks dominating the financial market in Lithuania and other Baltic countries, the capital markets remain small and should expand, says Claudia Maria Buch, Chairperson of the Supervisory Board of the European Central Bank (ECB).

 

 

 

 "In the Baltic countries, the concentration of foreign banks is relatively higher than in Europe, which is what makes them different. For example, the market share of the five largest banks is 90% of the Baltic market. This is a higher indicator than in the rest of Europe," said C. M. Buch at the financial markets conference held in Vilnius on Friday.

 

 

 

 "Compared to the gross domestic product, the capital markets of the Baltic countries, dominated by banks, are small compared to Europe - that's why the development of capital markets is so important," she said.

 

 

 

 According to C. M. Buch, the development of the capital markets of Lithuania, Latvia and Estonia is possibly limited by exclusive national regulation, banks also have an influence.

 

 

 

 "Therefore, there may be indirect barriers in the market," the head of ECB observers emphasized.

 

 

 

 At that time, Prime Minister Ingrida Šimonytė assures that the Lithuanian capital market has strengthened in recent years, and work has been done on the unified market of the Baltic states.

 

 

 

 "This Government tried to significantly strengthen the national and regional capital markets, sought to improve business access to financing and increase the supply of financial instruments in the market," the Prime Minister said at the financial conference.

 

 

 

 According to her, the Government has also worked hard to create a jointly regulated capital market of the Baltic countries, which would connect the markets of all three countries into one.

 

 

 

 "This is a significant achievement that raises the profile of the region among international investors," said I. Šimonytė.

 

 

 

 According to her, the Baltic Capital Markets Acceleration Fund will soon start operating. According to the Bank of Lithuania, it will primarily be aimed at promoting the activities of small and medium-sized enterprises.

 

 

 

 At the financial conference organized by the Ministry of Finance, the Central Bank and the Lithuanian Banks Association on Friday in Vilnius, the initiative of the European Union (EU) capital markets union, which would unite all the countries of the block in the common capital market, is being discussed.

 

 

 

 The event also discusses Lithuania's efforts to strengthen the local capital market, as Lithuanian residents are still investing much more slowly than in the EU or the USA."

 

 

Šimonytė sold out to the foreign banks. This why she says: "Everything is fine. Nothing to see here." Corrupt thief on the level of Stepukonis - this what Šimonytė is.