On 8 May, the Cabinet of Ministers approved Parex banka's restructuring plan, which was developed to assert the state support in the European Commission. The document gives an overview of the development plans of the bank, which are in line with the European Commission regulations on the state support during the aid provision period. The restructuring plan indicates that the main objective of the bank is to return to the ownership of a successful private investor, the repayment of the short-term liquidity support granted by the Latvian government, and termination of the State Treasury guarantees. Parerx banka has also defined its main strategic priorities: the restructuring of work organization to reach maximum efficiency and economy, as well as provision of independent bank's funding and capital adequacy. Furthermore, the improvement of risk control and management, lifting of the imposed restrictions and development of a new positioning plan in the market are also on the priority list. The document also gives an outline of the most important aspects of the bank's business plan until 2013, including financial forecasts of balance sheet, profit and loss statement. About Parex banka Founded in 1992, Parex banka offers universal banking services throughout the Baltic region, the CIS and other European nations such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Parex banka is the only partner of American Express in Latvia and Lithuania, allowed to issue American Express credit cards. Since 27 February 2008, the Latvian Privatisation Agency is the majority shareholder of Parex banka. Additional information: Indra Zinkevica Head of Corporate Communications and PR Ph. +371 6777 8571 or +371 2913 9449 E-mail: pr@parex.lv http://www.parexgroup.com/en/