Press Release of April 1, 1999


In accordance with the Law "On Credit Institutions", all banks had to submit their annual financial statements to the Bank of Latvia by March 31, 1999.

All working banks have turned in their financial statements by the due date. In the list below, they are ranked, in descending order, by the amount indicated under the balance item "Equity".

Ranking Bank Auditor of the 1998 Annual Report Equity
as at December 31, 1998 (in thousands of lats)

1 JSC Parekss-banka PricewaterhouseCoopers 33 752
2 JSC Latvijas Unibanka Arthur Andersen 26 540
3 JSC Vereinsbank Riga KPMG 11 296
4 JSC Hansabank - Latvija Deloitte & Touche Tohmatsu International 10 989
5 State JSC Latvijas hipoteku un zemes banka PricewaterhouseCoopers 6 979
6 JSC Baltijas Tranzitu banka KPMG 6 293
7 JSC Rietumu banka PricewaterhouseCoopers 6 112
8 JSC Paritate Deloitte & Touche Tohmatsu International 5 305
9 JSC Saules banka Deloitte & Touche Tohmatsu International 5 190
10 JSC Aizkraukles banka Arthur Andersen 5 137
11 JSC Latvijas investiciju banka (new name – JSC MeritaNordbanken Latvia) Arthur Andersen 4 605
12 JSC commercial bank Ventspils Apvienota Baltijas Banka Deloitte & Touche Tohmatsu International 4 138
13 JSC Maras banka PricewaterhouseCoopers 3 785
14 JSC Latvijas Ekonomiska komercbanka PricewaterhouseCoopers 3 012
15 JSC commercial bank VEF banka PricewaterhouseCoopers 2 508
16 JSC bank Land PricewaterhouseCoopers 2 388
17 JSC Latvijas tirdzniecibas banka Deloitte & Touche Tohmatsu International 2 386
18 JSC Rigas Naftas un kimijas banka KPMG 2 204
19 JSC Ogres komercbanka Deloitte & Touche Tohmatsu International 2 172
20 JSC Latvijas Biznesa banka PricewaterhouseCoopers 2 123
21 JSC Baltijas Starptautiska banka Ernst & Young 2 057
22 JSC Trasta komercbanka Deloitte & Touche Tohmatsu International 1 762 *
23 JSC Multibanka PricewaterhouseCoopers 1 698 *
24 JSC Latvijas Kreditbanka Deloitte & Touche Tohmatsu International 1 346
25 JSC Latvijas Krajbanka PricewaterhouseCoopers 635 *
26 Riga branch of Societe Generale Arthur Andersen - **

* By March 31 of this year, the bank's equity has been increased and currently is at least 2 million lats.

** The French bank Societe Generale has submitted the annual financial statements of its Riga branch. In the statement, capital is not shown as a separate item because the liabilities of the branch are covered by the entire capital of the French bank Société Générale. The Law "On Credit Institutions" stipulates that the Riga branch of Societe Generale must submit the annual financial statements of the whole bank. Since the legislation and resolutions of France specify a different procedure and term for approving the financial statements, those of Societe Generale are to be filed after their approval.

Please note that under the balance item "Equity", are shown shareholder funds that have been invested in the bank's share capital and accrued or lost as a result of the bank's business activity.

For more detailed information on the business activity and financial position of a particular bank, please contact it directly and request its complete annual financial statements with the disclosure notes and auditors' opinion. Instability characteristic of the financial markets of Russia and other CIS countries in the reporting period still continues and has had some influence on Latvia's banking sector and its prospects for development. For that reason, we suggest that you carefully examine the annual reports of banks that are of interest to you. The Law "On Credit Institutions" stipulates that banks must make their complete annual report available to any interested person not later than on April 1, and for a fee that does not exceed the copying cost. Banks are also required to publish a condensed version of their annual financial statements and the auditors' opinion in Government journal Latvijas Vestnesis not later than on May 1.