Latvian gov’t approves candidate for chief banking supervisor

Latvian ministers at a cabinet meeting on Tuesday approved the nomination of Santa Purgaile for the Baltic country’s chief banking supervisor, local media reported.

Purgaile, a former top manager at Latvia’s Citadele Bank, won a public tender to become the new head of the Financial and Capital Market Commission (FCMC).

With the parliament yet to decide on Purgaile’s appointment, politicians warn that getting lawmakers’ approval might not be easy.

Parliamentarians are expected to interview Purgaile on her views about ensuring healthy competition and preventing conflict of interest, given that she is a former bank manager. She might also have to dispel lawmakers’ concerns about her lack of public administration experience.

Latvia needs a new banking supervisor because previous FCMC head Peters Putnins and his deputy Gunta Razane announced resignation in July. FCMC official Kristine Cernaja-Mezmale was appointed acting FCMC head.