Lithuanian president rejects law on confidential financial information due to confidentiality concerns

DELFI / Tomas Vinickas

The president, taking into consideration recommendations by the European Systemic Risk Board, has proposed amendments to the law which would regulate how information relevant to Lithuania’s financial stability should be provided to other institutions. Currently, according to the law adopted by the Seimas, there are no amendments that would ensure sufficient security of transferring information relevant to Lithuania’s financial stability.

Grybauskaitė has proposed that the Bank of Lithuania provide information on the financial system stability to the Seimas, if it issues a justified request.

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The European Systemic Risk Board’s recommendations noted the importance of confidential information protection and stressed that the Bank of Lithuania has to employ certain measures to ensure confidentiality of information received from various state institutions, participants of the financial markets as well as other entities and organisations.

Previously, the Seimas had not consulted the European Central Bank when adopting the amendments.

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