lv

Press Release of April 1, 1998


Under the Republic of Latvia Law "On Credit Institutions", all banks had to submit audited financial statements for 1997 to the Bank of Latvia by March 31, 1998.

Since the end of 1993 the largest Latvian banks have had external audit of their financial statements by international auditing companies. In 1997, all Latvian banks prepared their financial statements in accordance with International Accounting Standards for the third consecutive year. These financial statements were audited by the auditing companies in compliance with International Standards on Auditing.

All licensed banks have submitted their financial statements together with the auditor's report in due time. They are listed below according to the size of their equity capital as stated in the financial statements for 1997.


No.

Bank

Auditor in 1996

Auditor in 1997

Equity capital as at December 31, 1997 (in thousands of lats)


1. Parekss-Banka Arthur Andersen Arthur Andersen 32 542
2. Latvijas Unibanka Coopers & Lybrand Arthur Andersen 30 395
3. Rietumu Banka Deloitte & Touche Deloitte & Touche 17 588
4. Rigas Komercbanka Deloitte & Touche Deloitte & Touche 14 594
5. Baltijas Tranzitu Banka Deloitte & Touche Deloitte & Touche 12 533
6. Vereinsbank Riga - * KPMG 11 593
7. Aizkraukles Banka KPMG KPMG 9 915
8. Saules Banka Coopers & Lybrand Deloitte & Touche 7 125
9. Latvijas Zemes Banka Coopers & Lybrand Coopers & Lybrand 6 350
10. Hansabank - Latvija Coopers & Lybrand Coopers & Lybrand 6 287
11. Latvijas Krajbanka Coopers & Lybrand Coopers & Lybrand 6 005
12. Latvijas Hipoteku un Zemes Banka Price Waterhouse Price Waterhouse 5 744
13. Latvijas Investiciju Banka Coopers & Lybrand Coopers & Lybrand 5 272
14. Bank "Paritate" KPMG KPMG 4 245
15. Ventspils Apvienota Baltijas Banka Price Waterhouse Price Waterhouse 3 780
16. Maras Banka - * Price Waterhouse 3 649
17. Latvijas Kapital-Banka Price Waterhouse Price Waterhouse 3 611
18. Trasta Komercbanka Price Waterhouse Price Waterhouse 3 360
19. Rigas Naftas un Kimijas Banka Arthur Andersen Arthur Andersen 3 052
20. VEF Banka Ernst & Young Price Waterhouse 3 044
21. Latvijas Ekonomiska Komercbanka Deloitte & Touche Price Waterhouse 3 002
22. Multibanka Price Waterhouse Price Waterhouse 2 486
23. Baltijas Starptautiska Banka Ernst & Young Deloitte & Touche 2 267
24. Bank "Land" Deloitte & Touche Deloitte & Touche 1 885
25. Doma Banka Arthur Andersen Arthur Andersen 1 781
26. Latvijas Kreditbanka Price Waterhouse Price Waterhouse 1 630
27. Bank "Viktorija" Deloitte & Touche Deloitte & Touche 1 602
28. Latvijas Tirdzniecibas Banka Coopers & Lybrand Deloitte & Touche 1 580
29. Ogres Komercbanka Arthur Andersen Arthur Andersen 1 494
30. Latvijas Industriala Banka Coopers & Lybrand Coopers & Lybrand 8891
31. Latvijas Biznesa Banka Deloitte & Touche Deloitte & Touche 888
32. Riga Branch of "Societe Generale" Arthur Andersen Arthur Andersen - **

1 The auditor's report regarding the financial statements is qualified.

 

* "Maras Banka" and "Vereinsbank Riga" (both established at the end of 1996) started their operations in 1997; therefore, they did not have to submit financial statements for 1996.

** The French bank "Societe Generale" has submitted the financial statements of its Riga Branch. The capital of the branch has not been segregated in the financial statements, as the French bank "Societe Generale" is responsible for the liabilities of its branch with the entire capital. Under the Law "On Credit Institutions", the Riga Branch of "Societe Generale" must submit the financial statements of the whole bank. As the legislative acts of France stipulate different procedure and deadlines for approval of financial statements, "Societe Generale" must submit its financial statements after approval, but no later than the end of June 1998.

 

In case you would like to receive more detailed information about the activities and financial standing of any particular bank, please request that bank to present its full financial statements for the last year together with the auditor's report. The Law "On Credit Institutions" prescribes that the credit institution must ensure that the full text of its annual financial statements is available at its place of operation no later than April 1.

Under the Law "On Credit Institutions", the paid-up share capital and own funds of a bank must be at least 2 million lats (approx. 3.1 million ECU) by April 1, 1998. "Latvijas Industriala Banka" has failed to meet this requirement. At present, the Bank of Latvia does not have any documentary evidence proving that the paid-up share capital and own funds of "Doma Banka" correspond to the amount stipulated by the law. All other banks have met the said requirement.