Wednesday 29th July 2015
NEWS TICKER, Tuesday July 28th: The Spanish Mercado Alternativo Bursátil (MAB) has admitted INCLAM to list on the market’s growth company segment. The company will trade from July 29th this year. Its trading code will be INC and trading will be through a price setting mechanism which will match buy and sell orders by means of two daily auction periods or “fixings”, at 12 hrs and at 16 hrs. Stratelis Advisors is acting as registered adviser and MG Valores SV as liquidity provider. - Moody's: Al Khalij Commercial Bank (al khaliji) Q.S.C.'s asset quality and capital strengths moderated by high reliance on market funding. Al Khalij Commercial Bank (al khaliji) Q.S.C. (AKB) benefits from a solid overall financial profile which is moderated by high reliance on market funding and concentration risks, says Moody's Investors Service in the report "Al Khalij Commercial Bank (al khaliji) Q.S.C: asset quality and capital strengths are moderated by high reliance on market funding" - While German SME’s continue to be plagued by recruiting problems, according to a new KfW survey fewer are bothered about filling employment vacancies than they were back in 2010. More women and older people in the working population, increasing labour mobility and the rise in skilled labour from other EU countries is helping filling the employment gap. Even so, the survey suggests that over the longer term, skilled labour shortages could be the order of the day – In a filing with the Luxembourg Stock Exchange Bank Nederlandse Gemeenten has given notice of amended final terms to the holders of TRY77.5m notes at 10.01% due June 17th 2025 (ISIN Code: XS1247665836 and Series no. 1214) issued under the bank’s €80bn debt issuance programme. The amendment includes provision that the issuer may settlement any payment due in respect of the notes in a currency other than that specified on the due date subject to pre-agreed conditions. Deutsche Bank London is the issuing and paying agent, while Deutsche Bank Luxembourg is listing agent, paying agent and transfer agent. The Shanghai Composite Index ended down 8.5% at 3725.56, its second-straight day of losses and worst daily percentage fall since February 27th, 2007. China's main index is up 6% from its recent low on July 8, but still off 28% from its high in June. The smaller Shenzhen Composite fell 7% to 2160.09 and the small-cap ChiNext Closed 7.4%. Lower at 2683.45. The drop comes as investors wonder how long the government’s buying of blue chip stocks can last. Clearly, the government can’t be seen to be pouring good money after bad to prop up what looks to be a failed strategy of propping up the market. Disappointing corporate earnings data across the globe has affected Asia’s main indices in today’s trading. The Hang Seng Index fell 2.7%. Australia's S&PASX 200 was down 0.2%, the Nikkei Stock Average fell 1% and South Korea's Kospi was off 0.4%. Turnover also remains depressed on Chinese exchanges, with around RMB1.2trn the average volume traded, compared to more than RMB2trn before this current downturn – In other news from the Asia Pacific, New Zealand’s Financial Markets Authority (FMA) has issued a Stop Order against Green Gardens Finance Trust Limited (GGFT) and warns the public to be wary of doing business or depositing money with this company. The Stop Order prohibits GGFT from offering, issuing, accepting applications for or advertising debt securities and/or accepting further contributions, investments or deposits for debt securities – Meantime, in Australia, the Federal Court has found that Astra Resources PLC (Astra Resources) and its subsidiary, Astra Consolidated Nominees Pty Ltd (Astra Nominees), breached the fundraising provisions of the Corporations Act, as part of civil proceedings brought by ASIC. In his judgment, Justice White upheld ASIC's claims that Astra Resources and Astra Nominees breached the Corporations Act by raising funds from investors without a prospectus or similar disclosure document, as required under the law.

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Citadele Bank repays Latvian state term deposit ahead of schedule

Wednesday, 15 February 2012
Citadele Bank repays Latvian state term deposit ahead of schedule Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for using the deposit between August 2010 until February 2012. http://www.ftseglobalmarkets.com/

Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for using the deposit between August 2010 until February 2012.

Citadele Bank has repaid the whole sum of €203.7m of the Latvian State term deposit to the Ministry of Finance. These funds were repaid in instalments over one-and-a-half years, and the total sum was repaid earlier than planned. Citadele paid €14.7m in interest to the State for utilising the deposit between August 2010 and February 2012.

The last instalment, €46.94m, was transferred to the State Treasury on February 14th, of €340,000 interest.  “The bank has acquired certain trust in people’s eyes in order to attract the necessary funds for repaying State deposit and ensuring liquidity. Now Citadele will have to prove that it can increase its value regardless of the volatility that exists in European financial markets so that it can be handed over to private shareholders, recovering the funds invested in its share capital, within a reasonable period,” claims economy minister Daniels Pavļuts.

“Having repaid the State term deposit, our team will now continue developing Citadele in a well-considered manner focused on long-term cooperation with our clients. We will continue increasing the bank’s liquidity and we will concentrate on a solid and profitable asset structure,” says Juris Jākobsons, chairman of the Board of directors of Citadele Bank.



Up to now, “Citadele has especially promoted deposit products ...  [which] are the main source of funding for the bank,” explains Jākobsons, which has enabled the bank to “issue new loans worth LVL 151m in 2011 in Latvia. This is 10% of the total amount of newly issued loans in the local banking sector. In 2012 we will continue funding the Latvian economy paying special attention to small and medium enterprises, and facilitating utilisation of resources available from the EU structural funds. We will also continue working on introducing new products and services tailored to the needs of clients. Every Lat deposited with Citadele is invested in the Latvian economy, and it continues working for the benefit of the national economy.”

Apart from the term deposit Citadele Bank also has a subordinated loan worth €64.3m granted by SJSC “Privatization Agency”. Citadele has paid €11.4m in interest for this loan between September 2010 and February 2012 to the Latvian State. The state’s share in the bank’s capital is worth some LVL77.2m  (around € 109.8m), which eventually will be sold off to recover its funds.

The bank, which was founded at the end of July 2010 is majority owned by the country's SJSC Privatisation Agency; while 25% plus one share is held by the EBRD. The bank claims to be trading profitably.

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