Press Release: State aid: Commission approves public support measures in favour of Latvian banks Reverta (formerly Parex banka) and Citadele

On 9 July 2014, the European Commission found the support measures granted by Latvia to AS Reverta (formerly AS Parex banka) and AS Citadele banka to be in line with EU state aid rules and has therefore closed its in-depth investigation.

Based on the additional information provided by Latvia, the Commission concluded, in particular, that the measures were necessary to preserve the stability of the Latvian banking system and for an orderly resolution of Reverta.