The Shareholders Meeting has approved the results of financial operations for the 1999

March 28, 2000 / Banking

JSC “Aizkraukles Banka” Shareholders’ Meeting that took place on Monday, March 27, 2000, has approved the results of financial operations for the year 1999.

The decision about changing the official address was taken. The official address is replaced from Aizkraukle to Riga, 23, Elizabetes str.

The Shareholders’ Meeting has established a new Board of the Bank. Ernest Bernis was elected as a Chairman of the Council. Janis Krigers was elected as a Deputy Chairman of the Council.

The Board of the Bank will consist of six members and one candidate for the Member of the Board. Chairman of the Board — Alexander Bergmanis, Deputy Chairman of the Board — Oleg Fil. Members of the Board — Pavel Shnejerson, Alexander Pazhe, Zane Kuzemniece, Aivar Rauska, Candidate for the Member of the Board — Maris Kannenieks.

The Shareholder’s Meeting has approved a new charter.

Besides, a new plan and a budget for 2000 were adopted. The Bank is planning to increase its assets by 23.6%, amount of loans by 89.4%, deposits by 14.3% , capital and reserves by 61.3% during the year.

The revenues for the year 1999 totalled 4.77 million lats. Expenses, including the administrative ones, totalled 1.71 million lats. The Bank has generated special earnings amounted 3.58 million lats, including the amount of 2.89 million lats that equals to the real value of the Ukraine eurobonds bought. As a result, the loss in the 1999 was 575 thousands lats. “Arthur Andersen”, the audit firm, has checked the financial conditions of the bank and approved the results of the financial operations. JSC “Aizkraukles Banka” is planning to generate 2.79 million lats as revenues by the end of 2000.

The Shareholders’ Meeting has announced that “Delloite & Touche Tohmatsu” will provide audit for year 2000.

Comparing with 1999 JSC “Aizkraukles Banka” has increased its assets by 19.64 million lats or 42.9%. As at the December 31, 1999, audited data showed that the assets of the Bank totalled 65.38 million lats.

Loans issued by the Bank at the end of 1999 totalled 9.44 million lats, that exceeds numbers in 1998 by 4.37 million lats or 86.3%.

As at December 31, 1999, the amount of deposits was 53.81 million lats, that is by 21.26 million lats or 65.3% bigger that at the beginning of the year.

Revenues and capital totalled 4.56 million lats.