OREANDA-NEWS. March 24, 2010. A press conference is being held in response to the March 23 decision by the Cabinet of Ministers on the restructuring of the Parex banka, which involves splitting up the bank and creating a new bank that has a promising future and a business profile that involves appropriate assets. The model is based on European Commission guidelines and was recommended by the international financial consultant Nomura International. The model offers substantial advantages in terms of the state’s ability to recover its deposits at the bank and the interests of the bank’s clients. A restructuring plan for the bank has been approved in line with the model, and the Finance Ministry has been instructed to submit it to the European Commission for its approval. This is ordinary procedure when government-supported financial institutions.

The press conference will be held by the Parex banka on Wednesday, March 24, at 12:00 PM at the bank’s main headquarters at Republikas Street 2A1 in Riga.

Appearing at the press conference will be Parex banka board chairman Nils Melngailis, Latvian Privatisation Agency board chairman Arturs Grants, and Matthew French, head of restructuring in Europe for Nomura International.

Simultaneous interpreting in Latvian, English and Russian will be available at the press conference. When arriving, please use the entrance in the bank’s building, which is located by the Eksporta street. Also, please contact us until March 24, 10:00 o’clock by telephone 6 701 0835 if you will require a parking place.