Press Release: European Commission and International Monetary Fund welcome the commitment of the four largest foreign banks to Latvian economy

In a coordination meeting held on 11 September, 2009, the parent banks of the four largest foreign-owned banks operating in Latvia reaffirmed their commitments to support their branches and subsidiaries in the country and to promote financial stability in the Baltic region. These commitments, along with the financial support that the Latvian authorities receive from the European Union (EU), the International Monetary Fund (IMF), the World Bank and other bilateral and multilateral donors, will cushion the effects of the economic downturn, strengthen investor confidence, and help Latvia return to sustainable growth.

• Primary Source