Baltic Business

WEEK 35th 2003

Friday, the 29th of August, 2003

Hansabanka received a large syndicated credit from European banks
On Friday, Hansabanba singed an agreement in order to receive a syndicated credit from the German bank HSH Nordbank, which has organized a syndicate of European banks. This is the largest syndicated credit in the Latvian commercial bank sector and constitutes EUR 65 million. The credit will be issued to three years. So far the largest syndicated credit of EUR 55 million received Parekss banka.

Thursday, the 28th of August, 2003

To be economical missions
There will be opened five economical missions abroad by the end of 2003, and three more - next year. On November 7, there will be opened the first mission in London, Great Britain. The rest of the economical missions will be located in Russia, France, Germany and Sweden. In 2004, there will be opened missions in the USA and Czechia. The location of the third mission is under discussion yet.
(Dienas Bizness)

Wednesday, the 27th of August, 2003

Government increases volume of divisible pie
Due to the rapid economical development, the government has increased the prognosis for the state budget revenues of 2004 from LVL 1.505 billion to LVL 1.531 billion. The Minister of Finance, Valdis Dumbrovskis, stated that GDP in the first three months of this year in comparable prices has increased by 8.8% if compared to respective period last year. Moreover, in the first seven months of this year, the volume of the revenues has increased by 10.1% if compared to the respective time period last year. The the prognosis for social insurance payments, corporative income tax, income tax, excise tax, and customs tax have been increased as well.
(Dienas Bizness)

Tuesday, the 26th of August, 2003

Economists hopeful about development
The Economists Association 2010 anticipates that the GDP will increase by 7.2% this year, whereas in 2004 it will reach 7 - 7.5%. The association assumes that the growth in the first six months of this year in the domestic demand, manufacturing industry, export and investments will continue. Next year, the growth will be supported by the EU private investments, utilization of the finances from the EU structural funds, and by the increase in the export in several niches of the EU market. The association believes that the decrease in the shadow economy, improvements in the revenue collection, and business environment, will contribute 1% of the GDP growth annually. The Ministry of Economics anticipates 7.0% growth of the GDP this year, and 6 -7 % next year, whereas the Ministry of Finance states that this year there will be 6.5% growth, but in the 2004 - 6.1%.
(Dienas Bizness)

Moday, the 25th of August, 2003

Commercial banks of Latvia earns millions
In the first six months of this year, the banks of Latvia has increased their assets, deposits and volume of issued loans. This year, all the banks have gained profit, which was 40.3% more than in the respective time period last year. The assets of the banks have increased by 10.1% and has reached LVL 4.9 billion. The volume of the issued credits has increased by 15% if compared to the first six months of 2002, whereas the volume of the deposits has increased by 7.3%. The profit of the banks has amounted LVL 32.9 million, which is an increase of 40%. Parekss Banka, Latvijas Unibanka, and Hansabanka have earned almost half of the total profit of all the Latvian commercial banks. The profit of Parekss Banka has amounted LVL 7 million, Latvijas Unibanka - LVL 6.2 million, and Hansabanka has earned LVL 5.98 million.


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