OREANDA-NEWS. On 03 February 2009 was announced, that there were two bidders (SEB banka and Swedbank) who participated in the tender organised by the Ministry of Finance for credit institutions as regards the right to issue study and student loans in 2009. The Tender Committee selected Swedbank as the successful bidder as it offered issuance of loans at the lowest lending rates.

The opening procedure of the bids took place on Thursday, 29 January 2009 at the premises of the Ministry of Finance and it was attended also by representatives of both banks.

Swedbank was awarded the right to issue state guaranteed study loans in 2009 in the total amount of LVL 18 954 000 (lending rate: 6m RIGIBOR minus 0.07 %).

Swedbank was awarded the right to issue state guaranteed student loans in 2009 in the total amount of LVL 10 692 000 (lending rate: 6m RIGIBOR minus 0.07 %).

The Tender was organised by the Ministry of Finance pursuant the Cabinet Regulations N0. 220 of 29 May 2001 “On Procedure for Granting, Repayment and State Redemption of the Study Loan and Student Loan from Credit Institution's Funds Under Guarantees Undertaken by the State”. The Tender Rules were approved by the decision made by the Ministry of Finance. The Tender Committee was composed of representatives from the Ministry of Finance, the Ministry of Education and Science and the State Treasury. Any credit institution and branch of a foreign bank registered in Latvia and able to ensure loan issuance and administration throughout the territory of the Republic of Latvia was eligible to participate in the tender.

In 2008, the right to issue study and student loans under the state guarantee was granted to Hansabanka that offered the lending rate of 6m RIGIBOR minus 1.02 %. In 2007, the right to issue study and student loans under the state guarantee was awarded to SEB Unibanka that offered the lending rate of 6m RIGIBOR minus 0.7 %. Another year earlier in 2006 Parex banka was announced as the successful bidder of the tender as it offered the lowest lending rate of 6m RIGIBOR minus 0.10 %.