Banks, Financial Services, Latvia, Loan

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Banking sector's total loan portfolio in Latvia decreases 0.5% in February

BC, Riga, 28.03.2014.Print version
The banking sector's total loan portfolio in Latvia decreased by 0.5% in February, reports LETA, referring to the Financial and Capital Market Commission.

The total amount of bank loans issued to resident companies reduced 0.3%, resident households loans – 0.5%, and loans to non-residents – 0.7%.

 

The total amount of loans issued by banks as of the end of February was EUR 15.031 billion. At the end of 2013, the figure was EUR 15.618 billion.

 

In 2013, the banking sector's total loan portfolio dropped 6.5%.

 

Speaking to reporters, Finance Minister Andris Vilks (Unity) said yesterday that bank lending would remain negative this year as well. The amount of new loans is increasing slowly and cannot compensate for the continuing loan write-offs and amortization. The situation could change in 2015, predicted Vilks. The minister is pleased that the amount of new loans is increasing, especially in the corporate and household sector, although not very fast. Interest rates will also remain comparatively low this year, added Vilks.






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