CORRECTION: Public financial statement of Q1 in EUR added
For the entire year 2008 GE Money Bank enacted a conservative approach to
customer solvency risk evaluation and accumulated reserves for insecure loans
in addition to implementation of the both companies' integration and making
future investments. For this reason in the first quarter of 2009 GE Money Bank
actively proceeded with accumulation of reserves and the bank concluded the
first quarter with LVL 5.6 million unaudited losses.
In Q1 2009 GE Money Bank received LVL 30 million of equity capital from its
parent company, General Electric. Wherewith GE Money Bank both compensated the
losses of the previous year and gained high capitalization and is ready for
future economic challenges - bank's capital adequacy indicator is better than
sector's average, it is above 20% (FCMC requirement is 8%), and the liquidity
indicator is almost 50% (FCMC requirement - 30%).
Customers have appreciated Bank's security; in the first quarter of 2009 the
total volume of deposits by private persons and commercial customers rose by
9%.
Tija Ezeriņa
Press secretary
Ph. +371 6 7110 448,
Mob. +371 2 7 876 080
8b, G.Astras Str., Riga, LV-1082
