But it will also depend on the innovative power of financial institutions: on their vision and strategy, their capacity for change, their ability to attract talent. Financial institutions have already innovated successfully in some cases, and they have to continue doing so in the future. So my message to banks is: innovate.
Although the law stipulates that the necessary coordination between the FCMC and the Bank of Latvia must take place, it is the Bank that has the final say in this matter and therefore has to weigh the consequences of its decision. Effective functioning and security of payment and settlement systems is a crucial element of the stability of the banking system.