K) announced that its public tender for the purchase of electricity for 2012 has been won by the Latvian energy company Latvenergo. Toomas Sepp, head of the company at TTTK, indicated that Latvenergo offered lower price than the company is paying in 2011.

By bne IntelliNews November 23, 2011
Finance and Capital Market Commission (FKTK) decided to suspend the operations of Latijas Krajbanka (Latvian Savings Bank) after discovering a shortage of assets that could affect bank's stability and solvency. Lithuanian Snoras Banka that holds about 60% share in Krajbanka was bailed out by Lithuanian government earlier this month, on the suspicions of about EUR 300mn securities and assets shortage in the bank. As commented by the head of the Bank of Latvia Ilmars Rimsevics, Krajbanka is unlikely to recover from this seizure of operations and for the first time a Deposit Guarantee Fund is going to be employed to secure the deposits of up to EUR 0.1mn. Rimsevics believes that Krajbanka's foreclosure is not going to have a systemic impact in the banking system as its connections with other banks are insignificant. Krajbanka was a sixth largest bank in terms of deposits as of end of September 2011, with LVL 567mn worth of deposits on its accounts.
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