KPMG urges FCMC to assess Krajbanka's recovery

  • 2012-01-24

RIGA - "Latvijas Krajbanka's" insolvency administrator "KPMG Baltics" has submitted its evaluation of the bank's future to the Financial and Capital Market Commission (FCMC), urging the commission to continue its talks with the bank's potential investors and review the latest proposals for "Krajbanka's" recovery, reports LETA. This must be done to find out whether these plans are economically justified and beneficial for the bank's creditors.

FCMC representative Agnese Licite informed "" that the commission received KPMG assessment yesterday.

“If the administrator deems that these proposals cannot be implemented, KPMG will suggest the bank's bankruptcy,” said Licite.

At the same time, KPMG points out that the current proposals cannot be considered as full-fledged plans ready for implementation.

KPMG and "Krajbanka's" potential investors now have seven days to agree in principle on the bank's recovery, otherwise the administrator recommends "Krajbanka's" bankruptcy.