OREANDA-NEWS. On May 08, 2009 the Cabinet of Ministers approved Parex banka’s restructuring plan, which was developed to assert the state support in the European Commission. The document gives an overview of the development plans of the bank, which are in line with the European Commission regulations on the state support during the aid provision period, reported the press-centre of Parex banka.

The restructuring plan indicates that the main objective of the bank is to return to the ownership of a successful private investor, the repayment of the short-term liquidity support granted by the Latvian government, and termination of the State Treasury guarantees.

Parex banka has also defined its main strategic priorities: the restructuring of work organization to reach maximum efficiency and economy, as well as provision of independent bank’s funding and capital adequacy. Furthermore, the improvement of risk control and management, lifting of the imposed restrictions and development of a new positioning plan in the market are also on the priority list. The document also gives an outline of the most important aspects of the bank’s business plan until 2013, including financial forecasts of balance sheet, profit and loss statement.