The final sum brought in an extra €700,000 over the originally estimated base price, according to the PA’s announcement Monday.
The European Bank for Reconstruction and Development (EBRD) retains a 25% share ownership in the commercial bank. Together with the new shareholders the EBRD has increased the bank’s assets by €10 million.
The PA will have to pay the EBRD about €77 million and hand over the subordinated loan to Citadele worth €11.21 million.
The bank got altogether €377.9 million from state support, €308 million of which had been recovered by today’s date of April 20. For the use of the state support payments, Citadele has paid an additional €49.14 million in interest and other payments. By the end of 2017 the bank must have finished paying off the remaining €34.7 million plus interest to the state for its subordinated loan.
Thus, says the PA, by then the income from the sell-off of the stock will have exceeded the amount invested in its bailout from the wreckage of the ruined Parex bank in 2009. However the bad asset recovery bank Reverta spun off from Parex remains in the red, leaving the state in debt to the EBRD, which it will pay back from the sums acquired through the Citadele sale.
