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120 Seimas members voted in favor on Thursday, two MPs abstained and one ballot was damaged.
G.Šimkus has been working at the country’s central bank since 2002 and has steadily moved up the career ladder. He has been a member of the Board of Directors of LAC since last September.
Introducing the Seimas last week, G. Šimkus identified four areas in which, in his opinion, it is necessary to act and solve emerging challenges and tasks, firstly: stability and security of the Lithuanian financial system: security issues for the Both the country’s population and foreign investors can trust the Lithuanian financial system. Here, I would also like to emphasize the importance of increasing the FinTech sector herd, combining further development of the sector with careful and consistent risk monitoring and compliance management. “
G.Šimkus identified increasing competition in the financial sector and ensuring the availability of financial services and reducing financial market concentration as the second priority.
“The local capital market must be realized, as its availability to small and medium-sized companies would promote alternative and conventional business loans and, at the same time, create conditions and opportunities for faster growth of small financial market participants and attract investors. Furthermore, in my opinion, the Lithuanian cooperative banking sector, with a broad regional network, has untapped potential.
The Bank of Lithuania, under my leadership, would take the initiative to make concrete proposals on the conditions that we must create so that the country’s cooperative banking can grow faster and become players in the national league. It is also time for the Bank of Lithuania to take a more active role in responding to the dissatisfaction of the population and businesses, especially small and medium-sized ones, with the availability and prices of some financial services, ”said G.Šimkus.
According to him, we have done a great job in strengthening Lithuania’s image as an attractive country for the establishment of fintech companies. It’s time to start reaping the rewards and ensure FinTech companies come here in a sustainable way to increase competition for incumbents and create benefits for individuals and businesses: “As chairman of the board, I would strengthen the focus on change. service provider, reduce restrictions on the interconnection of financial services. “
According to G.Šimkus, the third priority is a modern and progressive Bank of Lithuania: “Digitization opens up new opportunities to operate more efficiently, reduce red tape and provide modern services to the public.
Modern technological solutions have been implemented in the Bank of Lithuania’s own activities, reduction of the regulatory burden on financial market participants, implementation of the one-stop-shop principle in the compilation of reports from financial market participants, use of advanced analytical tools , opening of data for research activities “.
The candidate ranked dialogue with the country’s authorities and clear communication with the public as the fourth priority for the chairman of the board of the Bank of Lithuania.
