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Bank In Latvia - Latvijas +371 |
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MORTGAGE BANK |
| About: |
| In accordance with the Development Strategy of the Mortgage and Land Bank of Latvia, the Mission of the Bank is to promote the economic development of Latvia through provision of the financial mediation and related services. To implement the Mission three operational directions are pursued: lending to the small and medium-sized enterprises (SME) – promotion of economic activity under state approved and supported programmes, initiation of legislation and issuing of mortgage bonds - development of mortgage lending system, provision of retail banking services all over Latvia on a commercial basis – financial mediation. While implementing the Mission, the Bank functions as a Development Bank and Commercial Bank at the same time. To operate in accordance with EU Commission Directive 80/723/EEC and 2000/52/EEC (the so called Transparency Directives), after consultations with DG Competition, the Bank is reorganizing its management system and separating the functions of the Development Bank and Commercial Bank. Being a twofold bank – Development Bank and Commercial Bank, the Mortgage and Land Bank of Latvia implements the State Aid programmes and ensures that the State Aid is not used to gain commercial benefits. In order to develop the Bank’s operations further and use the existing capacity, the Public - Private Partnership model will be implemented by attracting private capital and keeping the implementation of the existing and future State Aid programmes under State control. The Mortgage and Land Bank of Latvia that operates in accordance with PPP model will be an effective instrument of the Government of Latvia for flexible implementation of the objectives of national economic development in its capacity of the Development Bank, but as a Commercial Bank it will be an effective profit oriented bank that supports the Government of Latvia in achievement of the objectives of the national economic development. |
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