Parex banka's profit in January 2009 was 40 thousand lats, indicating the stability and solvency of the Bank. As reported earlier, the Bank closed 2008 with losses due to the accumulation of savings for unsecured loans within the framework of Bank's conservative loan portfolio policy. Parex banka's financial results for year ending 31 December 2008 will be available upon the confirmation of Bank's audited results and annual report. Currently, auditing firm Earnst & Young is performing the audit of Parex Group's financial statements; the process is planned to be completed by 31 March 2009. As Parex banka's Council has approved the proposal by the Management Board to optimize the administrative costs by 35% in 2009, saving additional LVL 28 million, there is a certain optimism that the annual results for year 2009 will be better. At this point the main priority of the Bank is to conclude the negotiation process with syndicated lenders and finalize the negotiation process with FCMC and Cabinet of Ministers on possibility of lifting the restrictions on debit operations. The next steps of Parex banka's Management include the elaboration of the Bank's overall development strategy, envisaging Parex banka as a safe and well-performing Pan-Baltic Bank. Implementation of the operational strategy is a warranty to the State's investments and will ensure that Parex banka remains attractive to potential strategic or financial investor.