Euro's fall will help banks hit target

Dec 09, 1999
Sandra L. Medearis

RIGA - Some of Latvia's 25 or so banks will face the music on Jan. 1 when a paid capitalization level set by the Bank of Latvia becomes effective. Those who have not attained a statutory capitalization level of 5 million euros will have to close their doors.Still, the euro itself may give some banks an assist. The target amount is currently worth 2.93 million lats ($5.05 million). The euro's fall against the dollar is helping borderline banks edge up to the line. The euro hit a new low Dec. 3 at ...

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