Riga, 2011-03-16 13:38 CET (GLOBE NEWSWIRE) -- On the 16th of March 2011, using its own funds, the Mortgage Bank made a full repayment of the syndicated loans amounting to 55.5 mln euros which were granted by Raiffeisen Bank International AG and Sumitomo Mitsui Banking Corporation. Having repaid these loans the Mortgage Bank has discharged all of its obligations towards foreign syndicated lenders.
By implementing a balanced financial policy the Mortgage Bank has accumulated funds for premature repayment of the syndicated loans.
Rolands Paņko – the Board Chairman of the Mortgage Bank: “We have accumulated funds for repayment of the syndicated loans retaining a liquidity ratio that considerably exceeds the statutory minimum. We are pleased that during the last two years when the global economy was pressed by financial crisis the bank was able to repay, without support from the state, all syndicated loans taken from foreign banks exceeding 480 mln euros. At the same time the bank continued financing of the Latvian companies within the framework of state aid programmes.”
The Mortgage Bank was established in 1993. The priorities of the Mortgage Bank are support to small and medium enterprises and promotion of economic activity in all regions of Latvia. The Mortgage Bank offers loans within the state aid target programmes for various needs of entrepreneurs like business investments, working capital loans and business start-up loans.
For more information contact:
Sandra Eglīte
PR Officer of Mortgage Bank
sandra.eglite@hipo.lv
Telephone: +371 67774244
www.hipo.lv