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On the take-over of "Parex banka"

Date: 09.11.2008 

09.11.2008

The decision taken on 8 November by the Latvian government to take over the country's second largest commercial bank "Parex banka", a step not uncommon elsewhere in the world, is to be viewed in a positive light as it will ensure a better stability of the Latvian financial system.

The Latvian government and the Bank of Latvia will continue their support of "Parex banka", which will become a daughter company of the state owned "Latvijas hipotēku un zemes banka" ("Latvian Mortgage and Land Bank"), ensuring its liquidity.

The Latvian government will begin talks in the nearest future with potential strategic investors about the sale of "Parex banka".

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