OREANDA-NEWS. December 17, 2008. The EBRD welcomes the domestic and international efforts to stabilize the situation in Latvia after the country has been hit hard by the current global financial crisis and is considering to take on an active role in these efforts, reported the press-centre of EBRD.

The Bank has held talks with the Government of Latvia, the relevant Latvian authorities, Latvian banks and the International Monetary Fund (IMF) in recent days to assess the situation and the scope for a potential contribution of the EBRD to mitigate the impact of the crisis on the country and its financial sector.

The EBRD is committed to working with all relevant parties to continue supporting a sound financial sector in Latvia. As a result the EBRD is currently assessing the financing and capital needs of the Latvian banking sector on a case by case basis. The EBRD is putting a particular focus on banks with systemic importance but without foreign strategic investors, including Parex Banka, and will work with them to review the possibility to strengthen balance sheets.

The EBRD welcomes the efforts of the IMF, the EU, the Government of Sweden and the international community to support Latvia to overcome the most immediate impacts of the financial crisis. The EBRD is strongly committed to play its role in this joint international effort where it can apply its funds, know-how and expertise to the best possible use in cooperation with our partners.