By "KPMG Baltics" has published a financial statement of insolvent AS "Latvijas Kr?jbanka"
[2012-01-12]
"KPMG Baltics" has published a financial statement of
insolvent AS "Latvijas Kr?jbanka" 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.
The financial statement of MAS "Latvijas Kr?jbanka"
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 Kr?jbanka" at the moment
is the Deposit Guarantee Fund, which the bank owes 335 475
662 lats. The amount of deposits in "Latvijas Kr?jbanka" 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 Kr?jbanka" for the
period from December 23rd to December 21st, 2011 has
published according to the law in the newspaper "Latvijas
V?stnesis" on January 12th. That is an obligation for
insolvency administrator of AS "Latvijas Kr?jbanka" - "KPMG
Baltics"- to submit such financial statement for
publication in newspaper "Latvijas V?stnesis" in 10 first
days of each month.
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