According to Amtmane, Reverta has already recovered more than €763 million or 70% of the distressed assets left to its by the former Parex Bank.
Of these more than €444m has been paid into the State Treasury, she said.
On July 1 the liquidation process of the company was started and it's planned to end by year-end.
"The asset retrieval will continue. This is legal action against the former owners of Parex Bank, with the request of about €230 million. These are assets that should still be retrieved," said Amtmane.
Under the Restructuring Plan for Parex Banka approved by the European Commission, Reverta's operations have to be discontinued by the end of 2017.
Parex, which crashed in 2008, is seen as a notorious financial institution that dragged Latvia to the brink of national bankruptcy.
Such was the size of Parex's implosion Latvia had to take an €8.5-billion loan from the IMF, European Union and World Bank to pay its bills, which in turn led to massive austerity measures whose effects can still be felt today.
Of the overall state support of €1.7 billion granted to the bank, €678 million still have not been recovered, said Latvian Privatization Agency head Vladimirs Loginovs at the Saeima public expenditure and audit committee meeting on November 14.
In 2010, the bailed-out Parex Bank was split into a good bank and a bad bank, depending on their state of assets.
The good bank is Citadele Bank, which is successfully continuing inside the banking business, but the bad bank, left with the distressed assets of Parex Bank and later named Reverta, ceased to provide commercial banking services and instead focused on restructuring of loans, recovery of debts and management of repossessed real estate in order to recover the money invested by the Latvian government in the Parex Bank bail-out.
In 2016 Reverta posted €45.93 million in audited loss, up 0.8% from 2015, while the group’s loss declined by 16.9% to €45.078 million.
The Latvian Privatization Agency (LPA) holds 96.89% of shares in Reverta and other shareholders hold 3.11% of shares. The company’s bonds are included in the Nasdaw Riga stock exchange debt securities list.