Mortgage bank chief to turn over reins

  • 2009-08-13
  • From wire reports
RIGA - Long-time board chairman at the state-owned joint-stock Latvijas Hipoteku un zemes banka (Latvian Mortgage and Land Bank), Inesis Feiferis, has decided to step down, reports news agency LETA. Former deputy chairman of the board, Rolands Panko will take over the job of running the bank, with the post of chairman.

Feiferis says that at the age of 60, it's time for a change in his life, though expressing his wish to stay involved at the bank, saying "I would be pleased if I could further support the bank, within my competence."

Deputy state secretary at the Finance Ministry, Martins Bicevskis, will offer Feiferis a different job at the Mortgage Bank so that he could remain and offer his services as needed.
Feiferis' work as the Mortgage Bank's board chairman has been held in "high regard" at the Finance Ministry, says Bicevskis. "Under Feiferis' management, the bank has implemented a number of projects which have provided considerable contribution to the development of the national economy of Latvia," he said.

An additional change included Jekabs Krievins' appointment as deputy chairman of the Mortgage Bank's board.
Feiferis said that the work at the Mortgage Bank had been intense and full of challenges. "We have been working on the formation of a national development bank, developing new services for our clients, taking an active part in the development of legislation and shaping the business environment," he said. "I am content that I can step down from the post of chairman of the board with peace of mind, as a powerful and experienced team, built in those years, is left behind to further the work we started together."

Feiferis was appointed chairman of the bank's board in 1997. Prior to that, he headed the government-run joint-stock company Laukkredits, held the position of state secretary at the Economy Ministry, and has held other executive positions.
Panko, who has been working on the Mortgage Bank's board for 12 years together with Feiferis, said that the bank's board will continue to pursue the goals that were set for the bank, together with Feiferis.

Currently work is in progress on the formation of a development bank that would support the national economy of Latvia. The Mortgage Bank will continue with promotion of small and medium company development, and further develop its micro-lending program. The Mortgage Bank operations will complement the financial services of commercial banks, in accordance with the needs of the state, said Panko.

The Mortgage Bank's assets at the end of this year's first half totaled 999 million lats (1.4 billion euros).