OREANDA-NEWS. January 18, 2012. “KPMG Baltics” has published a financial statement of insolvent AS “Latvijas Krajbanka” for the period from December 23rd to December 31st, 2011. This report represents the bank's financial situation on 31st December, 2011 as well as provides information on the recovered assets, including property and insolvency costs for the reporting period, reported the press-centre of Latvijas Krajbanka.

The financial statement of MAS “Latvijas Krajbanka” reflects that on December 31st, 2011 the bank's asset value was 423 328 446 lats, but the bank's liabilities were 562 734 473 lats. Consequently, the bank's equity is negative - liabilities exceeded assets by 139 406 027 lats.

The financial statement also shows that the loss for the year of account is 205 926 958 lats. They consist mainly of extra provisions made for loans, correspondent accounts with balances that are not retrievable, investment properties and real estate held for sale, as well as investments in subsidiaries.

The largest creditor of “Latvijas Krajbanka” at the moment is the Deposit Guarantee Fund, which the bank owes 335 475 662 lats. The amount of deposits in “Latvijas Krajbanka” at the moment is 203 260 139 lats. During the period from December 23rd to December 31st , 2011, there were retrieved 973 682 lats.

The financial statement made by “KPMG Baltics” is composed according to the International Financial Reporting Standards and the principles of precaution. It should be stressed that this is not a liquidation balance sheet of the bank but it is built on the basis of continuation of activity.

The financial statement of MAS “Latvijas Krajbanka” for the period from December 23rd to December 21st, 2011 has published according to the law in the newspaper “Latvijas Vestnesis” on January 12th. That is an obligation for insolvency administrator of AS “Latvijas Krajbanka” - “KPMG Baltics”- to submit such financial statement for publication in newspaper “Latvijas Vestnesis” in 10 first days of each month.