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Wednesday 18.07.2018 | Name days: Rozālija, Roze
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Reverta pays back EUR 2.3 million to former Parex owners

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUReverta is able to regain more and more money from the realization of its real estate properties portfolio as the country’s economy recovers.

It reached its historic maximum in the first half of 2013 – EUR 14 million.

Reverta continues to combat the especially complicated debt recovery in Russia and perform interest payments for subordinate obligations to former owners of Parex Bank and their relatives. These payments were a total of EUR 2.3 million in the first half-year of 2013.

The process of recovering problematic loans is becoming even more complicated under the influence of different conditions. During the accounting period, Reverta managed to recover a total of EUR 35.8 million.

“The decision to form Reverta’s real estate property sales specialists was completely successful. It allowed the bank to significantly increase returns from the realization of the bank’s portfolio. The recovery of Latvia’s economy has also left a positive impact on Reverta. In spite of positive signals, however, our greatest challenges are still linked to the recovery of debts in Russia. The situation is made even worse thanks to the problematic relations with the former owners of Parex bank and their relatives. This causes losses not only for Reverta but also Latvia as a whole,” – says Chairman of Reverta Christopher Gwilliam.

Reverta’s portfolio of problematic loans was EUR 387.8 million in the first seven months of 2013. It is divided among Baltic and CIS countries. Approximately 60% of all Reverta’s debts are being recovered in Latvia. An especially complicated situation has formed in regard to the recovery of a large amount of debt in Russia. This includes the Severorgsintez case ($108 million). Rude discrimination of foreign investors and violation of rights creates significant losses, the total estimate of which is still unknown, Reverta reports.

As previously reported, in accordance with the approved restructuring plan, Reverta has repaid EUR 14.1 million to Latvia’s State Treasury this August.

Interest payments for the investment the state had performed for Parex Bank make up the bulk of this amount – EUR 6.1 million. The remaining EUR 8 million are meant to cover the main amount, Reverta reports.

Since August 1 2010, Reverta has paid a total of EUR 127.6 million to Latvia’s State Treasury.

Ref: 102.109.109.8803


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