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The findings indicate that the financial crisis that took place a decade ago in Lithuania and other Baltic countries was caused by the foreign capital banks operating here, and the Bank of Lithuania did not guarantee their adequate supervision. Swedish financial supervisory authorities also have some responsibility.
63 Seimas members voted in favor, 41 against, 7 Seimas members abstained.
See the conflict with the Constitution
Conservative Jurgis Razma criticized the committee’s investigation findings and emphasized that some of the proposals put there were in conflict with the Constitution and laws.
“If we do not transfer these committee proposals to the Seimas resolution, then only the proposals remain. Because, in fact, those proposals contain unconstitutional issues, such as three obligations to the Bank of Lithuania. The Seimas cannot compel the Bank of Lithuania with its resolutions, and it is good that it remained only at the level of the fantasies of the Seimas committees ”, resented the Seimas member.
Jurgis Razma
Liberal Eugenijus Gentvilas noted that the investigation was chosen to start just before the presidential elections, in which Ingrida Šimonytė and Gitanas Nausėda participated. The two were also interviewed at committee meetings.
“Perhaps the main argument was not political, but was used in the political struggle, with the help of the candidate himself and criticizing I. Šimonyte and G. Nausėda, who, as we know, entered the second round,” recalled E. Gentvilas .
Eugenijus Gentvilas
You don’t want to make mistakes again.
Valius Ąžuolas, a farmer, said that the chairman of the Seimas Budget and Finance Committee said the most important thing was that the investigation had been carried out and that it was no longer necessary to repeat the mistakes of that time.
“At the time, there were no reserves, Sodra had a huge debt, and retirees had to pay huge interest.” And how was it to borrow? The State Audit Office admitted that the loans violated the law, were made in a closed manner and directly from the banks, ”said V. Ąžuolas.
Furthermore, according to V. Ąžuolas, the state “really had an opportunity to borrow cheaper.”
“2 billion The damage caused by the fact that they were not even asked to try to borrow elsewhere was paid for by all the people of Lithuania,” said V. Ąžuolas.
Oak Valius
Seimas member Viktoras Rinkevičius also stated that it is necessary to learn from your own mistakes.
“There are popular sayings that sages learn from the mistakes of others, others learn from their own mistakes, but it is also important to analyze them, learn from them, and fools do not learn from mistakes at all, do the same thing again. With This research, it is important that we discover, regardless of the political nuances, what mistakes we made and how not to repeat them in the future, “said V. Rinkevičius.
Proposes to apply to the Office of the Attorney General and create a state bank
The Seimas Budget and Finance Committee, which carried out the investigation, stated that the 2008 state budget was adopted in violation of fiscal discipline and due to the lack of opportunities to accumulate a reserve, a greater need to borrow, increase taxes in 2009-2010 and reduce state spending.
In addition, according to the committee, the government had the opportunity to obtain loans from international institutions cheaper than in 2009-2012, but did not use them.
It is proposed that the Office of the Attorney General of the Nation evaluate the government’s decisions to borrow in 2009-2012 and that the resulting 2,100 million. Damage to the state, as well as the provision of loans with an interest rate of 8% for Sodra, discrediting it and significantly reducing the purchasing power of old-age pensions.
The findings suggest that the Government examine the possibility of establishing a state commercial bank, a supervisory authority independent of the central bank and financed by contributions from financial institutions. This is expected to strengthen consumer protection. It is proposed to reduce the dependence of the country’s financial system on the decisions of several parent banks, especially if they are from a single country.
Bank of Lithuania: Findings mislead the public
For his part, the President of the Board of the Bank of Lithuania, Vitas Vasiliauskas, addressed Seimas a little earlier, stating that the information contained in the conclusions of the investigation is provided selectively and without taking into account the calculations and facts presented to the Committee by the Bank of Lithuania.
“The evaluations presented are erroneous and misleading, not based on objective data provided to the committee, but on preliminary unilateral opinions and interpretations, without indicating important important arguments,” wrote V. Vasiliauskas in a letter to Seimas.
According to him, during the investigation, the witnesses were selectively selected and deliberately ignoring the experts who worked on the topics addressed in the investigation. Furthermore, as the letter says, if the study results were accepted, they would mislead the public, “because the information in the report is presented unilaterally, <...> without providing other information relevant to the general context. “
According to V. Vasiliauskas, “the conclusion of the investigation deliberately ignores the calculations made by the Bank of Lithuania at the request of the committee itself and other information provided when it does not correspond to the pre-formulated narrative.”
The Bank of Lithuania also notes that certain recommendations provided in the research material are irrelevant and may contradict the principles of the European Union or do not reflect the regulatory changes that have already taken place, the changed economic environment and the decisions made by other institutions.
The idea of investigating the crisis.
The idea of studying the factors that caused the financial crisis in Lithuania in 2009–2010 came to a group of parliamentarians, some members of the Lithuanian Social Democratic Labor Party, the Union of Peasants and Greens of Lithuania, the Order and Justice Party and the faction of the Lithuanian Electoral Campaign and the Union of Christian Families of Lithuania.
In late March 2018, Seimas instructed the Budget and Finance Committee to investigate how previous governments had managed the country’s finances since 2005: 83 Seimas members voted in favor, 19 against, and 18 abstentions.
Originally, the study was scheduled to be completed by April 15, 2019, after which it was extended.
The Budget and Finance Committee approved the findings of the investigation in late June 2019, but has not yet submitted them to Seimas for consideration.
We will add
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