AS GE Money Bank provisional results Y2008


According to the provisional data GE Money Bank operated with 14.961 million
LVL losses in 2008. 

As informed previously, the bank planned to conclude the year 2008 with loss,
as this was the year of two companies integration and investments in further
growth, as well as a conservative business approach was implemented in customer
solvency risk assessment and reserve creation. 

Stable positions and future growth of GE Money Bank is testified by positions
of its owner General Electric - the highest credit rating AAA and provided
financing. On 20 January 2009 the AS GE Money Bank shareholder meeting adopted
a resolution to increase bank's own capital by 30 million LVL by issuing new
shares. As a result of capital increase the capital adequacy indicator will be
within 20% already in March, which exceeds the FCMC standard almost two and a
half times.  While the bank maintains the liquidity indicator above 40%
(standard - 30%) and bank's liquidity is ensured by availability of a long-term
General Electric credit line, which is of the same size as the deposit base. 

Bank's assets on 31 December 2008 were in the amount of 265.576 million LVL,
which is by 4.2% 11.764 million LVL less than at the end of 2007, but GE Money
Bank market share in the total Latvian banks assets was 1.1%. 

As of the end of December "GE Money Bank" issued 207.95 million LVL in loans,
which is 16.4% or 29.24 million LVL increase year-on-year, and the bank
attracted 197.714 million LVL in deposits, which is 10.8% or 23.91 million LVL
decrease. 

On 31 December 2008 the GE Money Bank capital and reserve amount was 18.516
million LVL, which is by 46.3% or 15.981 million LVL less than at the end of
2007. 

Audited consolidated GE Money Bank Y2008 financial reports will be published in
the period from 23.03.2009 to 27.03.2009 (13 week of the year). 

Tija Ezeriņa
Press secretary  GE Money Bank
Ph: +371 67 110 448 Mob. ph.: +371 27876080