Banks, Financial Services, Latvia, Legislation, Real Estate

During the first six months of 2014, Reverta returned EUR 31.1 million to the State Treasury.

In August, Reverta returned EUR 35.6 million to the State Treasury. The payment consisted of the principal amount and an advance payment in the amount of EUR 30 million with additional EUR 5.6 million of interest.

Reverta was capable of returning an advance payment thanks to successful sale one of its most complicated assets – the Skonto complex", Reverta spokeswoman Marita Ozolina told LETA. The Skonto complex was sold in July for EUR 13.8 million.

In the first half of 2014, Reverta losses amounted EUR 23.3 million.

Thanks to its real estate sale and debt restructuring in the first six months of 2014, Reverta managed to retrieve EUR 38.7 million. Since August 1, 2010, the amount of retrieved funds reached EUR 550 million, Ozolina said.

The state acquired Parex banka in the fall of 2008, the bank was later divided into two credit institutions. Citadele acquired the good assets, while Parex banka remained the holder of the non-performing assets. In 2012, Parex banka changed its name to Reverta.