The Ministry of Finance has completed working on the draft concept of Transformation of the “State Joint-stock company “Mortgage and Land bank of Latvia” into development bank. The draft concept outlines the formation of the Development bank on the fundaments of the Mortgage bank by 2013.

During this period, operations of the Mortgage bank are to be focused yet more onto areas essential for the national economy – financing of small and medium enterprises, promotion of business start-ups, infrastructure development and other national development projects under programmes approved by the Cabinet of Ministers.

In the meantime, the volume of commercial bank transactions within the bank’s portfolio will be gradually reduced, maintaining the customer service on the current level.