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小説は２００３年４月〜０４年１０月に「OmniPay」に連載され、単行本化された。裏金作りのために子会社を作るなど、登場人物のBaltikums社長らによる会社私物化が描かれている。 BANKING OPERATIONS GENERAL INFORMATION On 31 March 2004, the banking sector of the Republic of Latvia comprised 22 banks and one branch of a foreign bank (the Latvian branch of Nordea Bank Finland Plc.). In March of 2004, the Financial Supervision Authority of the Republic of Estonia issued a licence to the JSC Parex Banka for opening a branch in Estonia. Thus the JSC Parex Banka has become the first Latvian bank establishing a branch outside Latvia. In the reporting quarter, the total paid-up capital of banks grew by 2.9%, reaching 316.9 million lats by the end of the quarter. Within the reporting quarter, to promote further development, several banks channelled profits of 2003 into the increase of their share capital (JSC Multibanka, JSC Latvijas Ekonomisk? komercbanka, JSC VEF banka and JSC Aizkraukles banka). In addition, one of the above banks channelled into the increase of its share capital also its retained profit for the previous years. In the reporting quarter, the proportion of foreign capital to the paid-up share capital of banks dropped by 2.5 percentage points and comprised 51.4% at the end of the reporting period, compared to 53.9% on 31 December 2003. The number of banks in which foreign shareholders own more than 50% of capital decreased to eight, compared to nine such banks on 31 December 2003. Seven banks were subsidiaries of foreign banks (JSC Hansabanka, JSC Latvijas Biznesa banka, JSC Latvijas tirdzniec?bas banka, JSC Latvijas Unibanka, JSC Nord/LB Latvija, JSC Parit?te, JSC Vereinsbank R?ga). The market share of these banks made up 42.2% of total banking assets on 31 March 2004. During the reporting quarter, upon an increase in the total paid-up share capital of banks, the share of the Latvian State in the total paid-up share capital of banks diminished to 6.4% by the end of March. The Latvian Government was still the only shareholder of the JSC Latvijas Hipot?ku un zemes banka and its share in total banking assets constituted 4.2% on 31 March 2004. The Government-owned share in the JSC Latvijas Kr?jbanka remained unchanged at 0.7% (incl. privatisation reserves in the amount of 0.5%) on 31 March 2004. At the end of the 1st quarter of 2004, the market share of five major banks accounted for 61.8% of assets, 73.2% of loans, and 65.5% of deposits, compared to 63.1%, 73.4% and 66.6%, respectively, on 31 December 2003. STRUCTURE OF ASSETS AND LIABILITIES In the 1st quarter of 2004, assets of banks rose by 329.8 million lats, or 5.8%, thus exceeding the margin of 6 billion lats for the first time by the end of March. In the reporting quarter, the amount of both loans issued and deposits taken increased. Nevertheless, the growth rate of loans exceeded that of deposits by 3.2 percentage points (see Figure 1). Figure 1 ASSETS, LOANS AND DEPOSITS (at end of period; in millions of lats) Upon the banking sector development, the structure of banking assets changed (see Figure 2). In the 1st quarter of 2004, upon an increase in loans by 9.8%, their share in banking assets grew from 52.5% at the end of 2003 to 54.5% on 31 March 2004. In the reporting quarter, claims on credit institutions rose by 6.6% and constituted the second largest item of banking assets in terms of share, i.e. 23.4%, at the end of the quarter. At the end of the reporting period, of total claims made by banks on credit institutions, 74.2% were claims on credit institutions of OECD countries, compared to 68.1% on 31 December 2003, which during the quarter increased by 16.3%, reaching 1,049.9 million lats by the end of March. The amount of claims made by banks on credit institutions of Latvia and other states, in turn, diminished by 17.6% and 10.4%, respectively. A major part, or 81.6%, of claims made by banks on credit institutions were demand claims. In the 1st quarter of 2004, upon a decrease in investments made by banks in securities by 52.2 million lats, or 5.8%, their share in banking assets fell by 1.7 percentage points respectively and accounted for 14% at the end of March. Figure 2 ASSET STRUCTURE (as a percentage) 31.12.2003 31.03.2004 In the reporting quarter, as the amount of attracted deposits increased by 6.6%, the structure of banking liabilities also slightly changed (see Figure 3). Deposits were the largest source of funds attracted by banks and their share in banking liabilities made up 65.7% on 31 March 2004, compared to 65.3% on 31 December 2003. Though the amount of liabilities of banks to credit institutions grew by 0.8% in the reporting period, their share in banking liabilities dropped to 18%, compared to 18.9% on 31 December 2003. A major part, or 66.7%, of banking liabilities to credit institutions were liabilities to credit institutions of OECD countries, reaching 725.3 million lats by the end of March. 29% of banking liabilities to credit institutions were liabilities to demand, while 35.5%, liabilities with an original maturity up to one year, 34.9%, liabilities with an original maturity over one year and 0.6%, liabilities arising from repo transactions. Figure 3 STRUCTURE OF LIABILITIES (as a percentage) 31.12.2003 31.03.2004 LOANS In the reporting quarter, a total of loans issued to banks rose by 9.8%, i.e. from 3,001 million lats at the end of 2003 to 3,294.9 million lats on 31 March 2004. Providing Loans to National Economy Sectors In the reporting period, the amount of loans issued to national economy grew by 135.8 million lats, or 7.6%, reaching 1,917.1 million lats by the end of the reporting quarter. The largest amount of loans was issued to the following national economy sectors: trade, financial intermediation and manufacturing industry, which received 19.9%, 15.3% and 14.7% respectively, of total loans granted to national economy sectors, compared to 20.3%, 15.8% and 14.8%, respectively, on 31 December 2003 (see Figure 4). In the reporting quarter, the amount of loans issued to such sectors as construction, transport, storage and communications as well as to agriculture, hunting and forestry increased comparatively rapidly, i.e. by 13.3%, 12.7 and 11.8%, respectively. Their share in total loans issued for the national economy development amounted to 6.9%, 8.7% and 5.8%, compared to 6.6%, 8.4% and 5.5%, respectively, on 31 December 2003. Figure 4 LOANS ISSUED TO RESIDENTS, BROKEN DOWN BY NATIONAL ECONOMY SECTOR (in millions of lats) Loans, Broken down by Borrower By the end of the reporting quarter, a major part, or 87.5%, of total loans issued by non-banks were granted to residents, incl. private undertakings (53.7%), while 29.2%, to private persons, compared to 53.1% and 28%, respectively, on 31 December 2003 (see Figure 5). Figure 5 SECTORAL BREAKDOWN OF LOANS ISSUED TO RESIDENTS (as a percentage) 31.12.2003 31.03.2004 A major part of the loans granted to private persons (residents), or 66%, were issued for housing, while 19%, for consumption, compared to 65.5% and 18.4%, respectively, on 31 December 2003. It should be noted that in the reporting quarter the growth rate of loans for consumption exceeded that of loans for housing by 2.7 percentage points. Though 68.5 million lats were issued for housing loans anew, their growth rate decreased by 12.4% as compared to the last quarter of 2003 (see Figure 6). By the end of the 1st quarter of 2004, a total of loans for housing made up 555.2 million lats. Figure 6 AMOUNT OF HOUSING LOANS ISSUED TO PRIVATE PERSONS (RESIDENTS) ANEW (in millions of lats) Types of Loans In the reporting quarter, banks provided loans mainly for the current asset increase for enterprises. Of total loans, 30.1% were commercial loans at the end of the reporting year. A second major type of loans was mortgage loans1. The amount of mortgage loans issued within the 1st quarter of 2004 increased by 14.8%, totalling 925.1 million lats by the end of the quarter, and their share during this period respectively rose from 27.9% to 29.1%. In the reporting period, upon an increase in the amount of industrial loans, which are provided for the fixed asset acquisition and long-term investment project financing, by 12.9%, their share fell to 21.4% of the total loan portfolio, compared to 22.5% on 31 December 2003. Term Structure of Loans Positive changes in the term structure of loans continued. In the reporting period, loans with a maturity of more than one year rose by 11.4%, also, the amount of long-term loans (more than 5 years) grew by 12.2%, amounting to 1,397.7 million lats, or 42.4% of the total loan portfolio on 31 March 2004, compared to 41.6% of the total loan portfolio on 31 December 2003 (see Figure 7). Figure 7 TERM STRUCTURE OF LOANS (as a percentage) Quality of Loans With the increase in the volume of lending, the loan quality did not substantially change. By the end of the reporting year, banks had assessed 97.7% of the loan portfolio as standard while 0.9%, as close-watch, compared to 97.7% and 1.0% on 31 December 2003. The share of non-performing loans (substandard, doubtful, or lost) in the total of loans granted to non-banks grew by 0.08 percentage points, totalling 1.45% on 31 March 2004 (see Figure 8). Upon an increase in the volume of lending, banks implemented prudent loan appraisal policies and increased the amount of specific provisions for claims on non-banks, which resulted in an increase in the ratio of specific provisions for non-banks to total loans granted to non-banks from 1.2% to 1.3%. Specific provisions for claims on non-banks had reached 41.6 million lats by the end of the reporting period, thus covering 86.9% of the amount of non-performing loans, compared to 89.4% on 31 December 2003. Figure 8 DYNAMICS OF NON-PERFORMING LOANS (as a percentage of total loans) DEPOSITS In the 1st quarter of 2004, the amount of deposits increased by 245 million lats, or 6.6%, amounting to 3,975.4 million lats by the end of the reporting year. Though in the reporting quarter total deposits made by residents rose by 6.2% (incl. private person deposits by 47.5 million lats, or 5.2%), their share in total deposits diminished from 46.4% at the end of the previous year to 46.2% on 31 March 2004. The share of deposits by private persons and private enterprises in a total of resident deposits prevailed, accounting for 52% and 32.9%, respectively, compared to 50% and 30.4% on 31 December 2003 (see Figure 9). Figure 9 SECTORAL BREAKDOWN OF RESIDENT DEPOSITS (at end of period; in millions of lats) At the end of the reporting period, of non-resident deposits, 90.6% were deposits by private enterprises. As within the quarter their amount grew by 7.6%, the total amount of non-resident deposits also grew by 6.9%, respectively. At the end of the reporting year, deposits by private enterprises and private persons retained the largest share of total deposits, making up 63.9% and 29%, respectively, compared to 63.2% and 29.5%, respectively, on 31 December 2003. Upon an increase in total deposits, the term structure of deposits slightly changed. The amount of deposits with a maturity of more than one year grew by 2.7%, reaching 259.5 million lats, or 6.5% of total deposits by the end of the reporting year, compared to 6.8% on 31 December 2003. In the reporting quarter, the share of demand deposits fell by 1.5 percentage points and amounted to 71.7% on 31 March 2004. PERFORMANCE INDICATORS In the 1st quarter of 2004, all banks earned a profit which after tax was 24.6 million lats, or 70.5% more than in the respective period of the previous year when the profit reached 14.4 million lats. In order to determine the dependence of individual performance indicators of banks on the volume of banking assets, banks were split into three groups. As the banks are under constant development, the number of banks in each group may vary. Thus, in the reporting period, group I included four large-size banks while group II, ten average-size banks and group III, eight small-size banks. Profitability Indicators (ROA and ROE) In the reporting quarter, as the profits earned by banks significantly rose, both the return on assets (ROA)2 and the return on equity (ROE)3 improved, reaching 1.7% and 20%, respectively, by the end of March, compared to 1.4% and 16.7%, respectively, on 31 December 2003. When comparing both these indicators for groups of banks, it is evident that the said indicators for banks of group III grew most rapidly, i.e. ROA increased up to 3.3% (ranging from 1.12% to 10.8%), while ROE, up to 20.9% (ranging from 5.1% to 66.8%), compared to 1.6% and 10.1%, respectively, on 31 December 2003. This rise can be attributed to a rapid increase in the income derived in the reporting period from a decrease in provisions (upon such loan repayment by customers for which provisions in the amount of 100% were previously made) for one bank of this group. As a result, this bank derived a high profit, which was untypical for quarterly profits. The said indicators for banks of the other two groups slightly levelled off and at the end of March were as follows: ROA for the banks of group II was 1.5% (ranging from 0.1% to 3.4%) while for the banks of group I, 1.7% (ranging from 1.3% to 2.3%), whereas ROE for the banks of group II was 20% (ranging from 1.5% to 42%) and for the banks of group I, 19.1% (ranging from 13.1% to 33.9%) (see Figure 10). Figure 10 PROFITABILITY INDICATORS (ROA AND ROE) BY GROUPS OF BANKS (as a percentage) Income and Expense Structure The main sources of profit in the banking sector were income from interest on loans issued to non-banks (41.4%) and fee and commission income (24.8% of total banking income), compared to 39.4% and 25.6%, respectively, on 31 December 2003. In 2003, the banking income from foreign currency transactions substantially increased, amounting to 8.4% of all banking income at the end of the year. The reporting quarter, however, saw a decrease in this income, thus, the share of income from foreign currency transactions in total income accounted for 4.7%. Figure 11 INCOME STRUCTURE (as a percentage) 31.12.2003 31.03.2004 Though the banking administrative expenses in the reporting period declined by 5.2% as compared to the 4th quarter of the previous year, at the end of the period they totalled 43.3% of total banking expenses (43.6% on 31 December 2003). The share of interest expenses of banks in total banking expenses remained unchanged at 25.8%, whereas the tendency, which was observed already in the previous year, of the share of interest expenses on non-bank deposits in total banking expenses to decrease continued. Expenses on the provisions for doubtful debts and liabilities constituted the third major banking expense item, making up 10% of total banking expenses by the end of the quarter, compared to 8.9% on 31 December 2003 (see Figure 12). Figure 12 EXPENSE STRUCTURE (as a percentage) 31.12.2003 31.03.2004 In the reporting year, as the banking profit resulting from financial activity increased by 5.6%, whereas the banking administrative expenses decreased by 5.2%, the financial efficiency ratio4 for banks respectively improved, accounting for 50.9% at the end of the quarter, compared to 56.1% on 31 December 2003. EXPOSURES FOR BANKS Banks are exposed to various financial risks, of which most significant are credit risk, market risk (position risk, currency risk, counterparty risk) and liquidity risk. Credit Risk and Market Risk Credit risk is a risk of losses in cases where the debtor is unable of, or refuses from, fulfilling its obligations against the bank in compliance with the contract provisions. Credit risk is inherent in banking operations that create or may create for the bank claims on another person and that are shown in the bank?s balance sheet (for example, loans) and off-balance sheet (for example, issuing sureties, indicating unused credit lines, entering into futures, etc.). Market risk, in turn, is the possibility of incurring losses due to changes in market conditions such as changes in interest rate and exchange rate, fluctuations in the market price for financial instruments, commodities and commodity derivatives, as well as changes in market liquidity. The amount of a bank?s capital required for hedging against credit risk and market risks is determined by capital adequacy requirements. At the end of the 1st quarter of 2004, a major part, or 96.5%, of all capital adequacy requirements for Latvian banks were capital requirements for credit risk in a bank?s portfolio, whereas a total of market risk capital requirements constituted only 3.5% (see table 13). Figure 13 CAPITAL ADEQUACY REQUIREMENTS In the 1st quarter of 2004, as the total amount of banks? equity5 grew more rapidly than that of banks? risk-weighted assets (14.4% and 7%, respectively), the capital adequacy ratio for the banking sector increased, reaching 12.5% by the end of March, compared to 11.7% on 31 December 2003) (see Figure 14). Figure 14 EQUITY, VALUE OF RISK-WEIGHTED ASSETS AND CAPITAL ADEQUACY RATIO FOR BANKS (in millions of lats; %) In the reporting quarter, the capital adequacy ratio increased for all banks of Groups I and II, whereas for banks of group III, the capital adequacy ratio of which traditionally hits highest levels, it slightly fell. At the end of the reporting period, the capital adequacy ratio for group I was 11.6% (between 11.3% and 12.5%) while for group II, 12.9% (between 10.6% and 16.3%) and for group III, 23.6% (in most cases between 14.0% and 26.3%, with the exception of two banks whose capital adequacy ratio was 36.2% and 83.7%, respectively), compared to 11.2%, 11.1% and 24.7%, respectively, on 31 December 2003) (see Figure 15). Figure 15 CAPITAL ADEQUACY RATIO FOR GROUPS OF BANKS (as a percentage) Liquidity Risk One of the most significant risks inherent in everyday activities of banks is liquidity risk. This is related to a bank?s daily and future capabilities to duly meet legally grounded claims made by customers without substantial losses, as well as to its capability to overcome unplanned changes in the bank?s resources and market conditions where it lacks sufficient liquid assets. One of the indicators characterising the level of liquidity risk is the liquidity ratio. In the reporting quarter, as the current liabilities6 of banks continued to rise more rapidly than their liquid assets7, the liquidity ratio for the banking sector dropped by 2.1 percentage points and made up 55.8% at the end of the quarter (credit institutions must maintain adequate liquid assets in sufficient amounts, but not less than 30% of total current liabilities) (see Figure 16). Figure 16 LIQUID ASSETS, CURRENT LIABILITIES AND LIQUIDITY RATIO FOR BANKS (in millions of lats; %) Like the capital adequacy ratio, differences in the liquidity ratio among groups of banks were observed. The smaller the bank in terms of asset volume, the higher its liquidity ratio and vice versa, i.e., this ratio is comparatively lower for banks with a higher volume of assets. At the end of the reporting period, the liquidity ratio for group I was 43.3% (between 31.6% and 60%) while for group II, 74.6% (between 36.4% and 113.1%) and for group III, 78.9% (mainly between 49.6% and 89.6%, with the exception of one bank whose ratio was 156%), compared to 47.1%, 76.3% and 70.3%, respectively, on 31 December 2003 (see Figure 17). Figure 17 LIQUIDITY RATIO FOR GROUPS OF BANKS (as a percentage) CONSOLIDATION GROUPS Banking Groups In the 1st quarter of 2004, the group of the JSC Nord/LB Latvija joined the groups subject to consolidated supervision which were managed by banks registered in Latvia. There were eight such groups at the end of the reporting quarter as a result (JSC Hansabanka, JSC Latvijas Unibanka, JSC Multibanka, JSC Nord/LB Latvija, JSC Parex Bank, JSC Rietumu banka, JSC VEF banka, State JSC Latvijas Hipot?ku un zemes banka), which had 36 subsidiaries in total, incl. 10 leasing companies, three investment companies, two banks, one pension fund, two insurance companies, four auxiliary undertakings and 14 other financial institutions (see Table 1). Table 1 TYPES OF ACTIVITY OF SUBSIDIARIES INCLUDED IN CONSOLIDATION BANKING GROUPS Types of subsidiary 31.12.2003 31.03.2004 in total incl. foreign in total incl. foreign Leasing companies (LEC) 9 2 10 2 Investments companies (IVC) 3 - 3 - Banks (BNK) 1 1 2 2 Pension funds (PFU) 1 - 1 - Insurance companies (ISC) 2 1 2 1 Auxiliary undertakings (AUU) 4 3 4 3 Other financial institutions (OFI) 14 5 14 5 In total 34 12 36 13 In the reporting year, investments of Latvian banking groups were mostly made in subsidiaries registered in Latvia (23) and Lithuania (5), as well as in subsidiaries registered in Cyprus (2), Ukraine (1), the US (1), the Great Britain (1), Estonia (1), Russia (1) and Switzerland (1) (see Table 2). Table 2 SUBSIDIARIES INCLUDED IN BANKING CONSOLIDATION GROUPS Banks and their subsidiaries Type of undertaking State JSC Hansabanka SIA Hansa L?zings IC Hansa Fondi SIA ??psalas saules akmens MM L?zings LEC IVC AUU LEC Latvia Latvia Latvia Latvia JSC Latvijas Unibanka SIA Unil?zings SIA Invest?ciju sabiedr?ba Optimus fondi LEC IVC Latvia Latvia JSC Multibanka JSC Multil?zings LEC Latvia JSC Nord/LB Latvija SIA Nord/ LB L?zings LEC Latvia JSC Parex Bank JSC Parex Asset Management Investment JSC Parekss ieguld?jumu sabiedr?ba Non-profit JSC Parekss atkl?tais pensiju fonds JSC Parekss apdro?in??anas komp?nija JSC Parekss SIA Parekss l?zings JSC Parex Bank Closed JSC Baltic Polis Closed JSC Parex Lizingas Closed JSC Parex faktoringas ir Lizingas Closed JSC Parex investiciju valdymas AP Anlage & Privatbank AG Parex Kredit osauhing Closed JSC Financial Company Parex Capital Ukraine Parex Asset Management Regalite Holdings Ltd Parex Group Representation Limited M.B.M. Investments Limited Liability Company OFI IVC PFU ISC OFI LEC BNK ISC LEC LEC OFI BNK OFI OFI OFI AUU AUU AUU Latvia Latvia Latvia Latvia Latvia Latvia Lithuania Lithuania Lithuania Lithuania Lithuania Switzerland Estonia Ukraine Russia Cyprus Great Britain USA JSC Rietumu banka JSC RB securities RB Securities Limited OFI OFI Latvia Cyprus JSC VEF banka SIA Veiksmes l?zings LEC Latvia State JSC Latvijas Hipot?ku un zemes banka JSC Hipol?zings SIA Hipot?ku bankas finan?u konsult?ciju centrs SIA Hipot?ku bankas nekustam? ?pa?uma a?ent?ra SIA Rapsis SIA Vandzenes rapsis SIA V?rmes rapsis SIA Til?as rapsis LEC OFI OFI OFI OFI OFI OFI Latvia Latvia Latvia Latvia Latvia Latvia Latvia The ratio of the equity of banking groups to the sum of groups? risk-weighted assets and off-balance sheet items (capital adequacy) may not be less than 10%. In the 1st quarter of 2004, for all banks subject to consolidated supervision, the average capital adequacy ratio calculated based on individual financial statements of banks (16.12%) did not substantially differ from that calculated based on consolidated financial statements of banking groups (16.01%). Financial Holding Groups In the reporting period, the JSC Akciju komercbanka Baltikums, which is the responsible bank of the financial holding group, was also subject to consolidated supervision. The said financial holding group comprises the JSC Baltikums Bankas Grupa, a financial holding company registered in the Republic of Latvia, and its three subsidiaries (See Table 3). Table 3 SUBSIDIARIES OF FINANCIAL HOLDING COMPANY GROUPS Subsidiaries Type of undertaking State JSC Baltikums Bankas Grupa JSC Akciju komercbanka Baltikums Investment JSC Baltikums Asset Management SIA Baltikums L?zings BNK IVA LEC Latvia 10万もの敵をむこうに回し、Laundering嬢たちは戦うことを望んだ。弱い女性は生きることさえ許されない。tax havenの女性たちはそのように生まれ、そのように育てられた。服従はしない、退却はしない、降伏はしない。それがtax havenの掟。紀元前69年。Japanese MaildropのもとにLatviaからの遣いがやって来た。