OREANDA-NEWS. February 20, 2012. Joint Stock Company Parex banka has repaid the deposits made by the State in the amount of 8 million Lats to the Ministry of Finance earlier than anticipated in the restructuring plan, reported the press-centre of Parex Banka.

The repaid sum included principal sum of 5 million Lats and 3 million Lats of interest for using State aid. Presently the State has recovered as much as 75 million Lats from Parex banka and received 102 million Lats in interest payments for using aid granted by the State.

Parex banka repaid 7 million Lats to the State in year 2011. Since 1 August 2010 Parex banka has recovered over 220 million Lats from restructuring distressed debt. The majority of the recovered assets were channelled for repayment of the syndicated loan worth 164 million thus relieving tax payers and the State budget from substantial loan liabilities.  
 
Additional information:
Parex banka’s activity is concentrated in three main directions – loan restructuring, debt recovery and real estate management. Real estate acquires an increasing proportion on Parex banka’s agenda – mostly this involves alienation, taking over and management of property. In order to acquire the necessary funds for repayment of investments made by the State Parex banka plans to sell real estate at the most beneficial price as the situation in the real estate market improves. Parex banka’s real estate portfolio contained over 800 objects as of 30 September 2011.