Thu, 8 Apr 2010: Investors scramble after Parex assets…



It is hoped that as the global economy rebounds, some or all of these assets can recover their value and the State, or the taxpayers, can recoup the ‘investment.’ The Latvian government on March 23 decided that some of the bank’s assets will be split-off into a new bank, based on the proposal developed by the consulting company Nomura International, reports the Latvian Institute. The main beneficiaries of this restructuring plan will be depositors in the existing Parex bank, whose deposits will automatically be transferred to the new bank. This will give the new bank a stable financial foundation. Prime Minister Valdis Dombrovskis (New Era) said that “The decision on the best restructuring plan for Parex bank w... Read the rest of this entry »

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