Latvijas Hipoteku un zemes banka
Mortgage Bank repays syndicated loans worth 55.5 mln euros and is free from syndicated loans’ obligations
Latvijas Hipoteku un zemes banka 16.03.2011 13:38 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 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 News Source: NASDAQ OMX 16.03.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Latvijas Hipoteku un zemes banka Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000800092 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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