OREANDA-NEWS. March 04, 2011. Due to objective reasons the Joint Stock Company Parex banka is planning to submit its unaudited financial statements of 2010 to the official central storage system of the mandatory information and a/s NASDAQ OMX Riga from 28 February to 31 March, not by the end of February as the company had planned before, reported the press-centre of Parex banka.

Considering the sophisticated restructuring process of Parex banka and the complexity of reflecting thereof in the financial statements, additional time is required so that the bank would be able to provide true and fair financial information complying with the International Financial Reporting Standards in the best interests of all its shareholders.

At the same time, the published 9-month results and the regular financial reports show that in general the results of economic activity of Parex banka comply with the forecasts and are in line with the restructuring plan approved by the Cabinet of Ministers and the European Commission. Having regard of the peculiar nature of Parex banka operation the profit is not anticipated, therefore the most significant factor, when evaluating the results of Parex banka activity, is and will be the recovered amount of the cash. At the same time, the bank strives to minimize the losses to extent possible by continuing a thought-out and cautious implementation of the operational and financial activity, as well as by scrupulous evaluation of all expenses and efficient use of the internal and external resources.
 
About Parex banka:
Since 1 August 2010 Parex banka is operating as a resolution bank and it has ceased rendering such classical banking services as account and deposit services, issuing loans etc. The main objective of Parex banka is maximum recovery of the state investments. In order to achieve its goals, the operation of Parex banka is focused on efficient loan restructuring, debt recovery and real estate management.