Banks, EU – Baltic States, Financial Services, Latvia

Agenda of the visit

11:45 a.m.       Meeting of Prime Minister Valdis Dombrovskis and President of the European Bank for Reconstruction and Development Thomas Mirow (Prime Minister's cabinet, 3^rd floor of Cabinet of Ministers, Brivibas blvd. 36). Media opportunity: video and photo in the beginning

12:15 noon      Formal signing of agreements on selling the state-owned shares of "Parex Bank". The agreements will be signed by Prime Minister Valdis Dombrovskis, President of the EBRD Thomas Mirow, Chairman of the Board of “Parex Bank” Nils Melngailis, and „Privatization Agency”. (Prime Ministers’ Hall, 3rd floor of the Office of the Cabinet of Ministers). Media opportunity: photo and video

12:20 noon      Press conference. The press conference will be held by V.Dombrovskis, T.Mirow and N.Melngailis. (Prime Ministers’ Hall, 3rd floor of the Office of the Cabinet of Ministers).

Additional information

The Board of the EBRD confirmed its participation in the share capital of Parex Bank on April 7. Yesterday, on April 14, the Cabinet of Ministers approved draft agreements on involvement of the EBRD in the share capital of Parex Bank. EBRD expressed interest about purchasing shares of Parex Bank during visit to Latvia in December, 2008. In January 2009 EBRD performed an in-depth research of Parex Bank.

The EBRD has a significant experience in reconstruction of banks, and attraction of this organization in the capital of banks which require reconstruction is deemed as positive sign for viability and development potential. Responding to the current tension in the world economy, the EBRD aspires to support the banking sector of countries in which it invests in order to ensure financial flows and particularly to provide assistance to small and medium enterprises. The EBRD has decided not only to provide assistance to banking system of Latvia, but also those of Rumania, Russia and Georgia.

The European Bank for Reconstruction and Development was established in 1991 when communism was crumbling in central and Eastern Europe and ex-soviet countries needed support to develop a private sector and democratic environment. Today, the EBRD makes investments to help build market economies and democracies in countries from central Europe to central Asia. For any further information please visit EBRD website: http://www.ebrd.com/

Thomas Mirow is the fifth president of the EBRD. He took up this position on 3 July 2008. His professional experience is related to politics and public administration. He worked as Chef de cabinet to former German Chancellor Willy Brandt, then Chairman of Germany’s Social Democratic party, as well as held several senior positions within the Hamburg administration. More recently, Mr Mirow was Director General for Economic Policy in the Federal Chancellery and appointed State Secretary at the Federal Finance Ministry.

Delegation of the EBRD: Thomas Mirow, President (Head of Delegation); Ole Hovland, Director, Norway/Finland/Latvia; Peter Reininger, Business Group Director, Central Europe/Eastern Balnkans; Hans-Peter Lankes, Director of the President’s Office; Sabina Dziurman, Senior Banker, Bank Equity Team; Reijo Kempinnen, Director of Communications; Jurijs Adamovičs, Advisor to Board Director, Norway/Finland/Latvia; Matti Hvyrynen, Senior Banker, Head of Vilnius Office.