EESTI FOREKSPANK

ANNOUNCEMENT

15.12.98

 

OPTIVA PANK

COMMENTARIES TO THE FINANCIAL STATEMENTS

 

General

The present unaudited Optiva Pank financial statements are compiled according to 

the standings of 01.12.1998, in accordance with the conditions of the merger contract 

of Eesti Investeerimispank and Eesti Forekspank.

The merger will be completed de jure after the registration in the Business 

Register.

All mutual receivables and liabilities of Eesti Investeerimispank and Eesti 

Forekspank are eliminated from the financial statements. Due to the elimination of

interests, the interest expenses decreased by 2 069 000 EEK.

The accounting principles have not been changed.

 

                                                                       Thous. EEK

(1) Receivables from credit institutions

        Current/ demand accounts in credit institutions                   198,168

        Overdrafts                                                             67

        Total receivables from credit institutions                        198,235

 

(2) Receivables from clients

        Receivables from financial institutions                           284,529

        Loans to other companies                                        1,845,762

        Loans to non-profit organizations                                     294

        Loans to private persons                                          171,586

        Total receivables from clients                                  2,302,171

 

        Loans to residents                                              2,218,716

        Loans to non-residents                                             83,455

        Total receivables from clients                                  2,302,171

 

(3) Securities

        Bonds and fixed income securities		                  268,522

        Shares and units                                                  164,648

        Total securities                                                  433,170

 

(4) Immaterial assets

Includes goodwill in the amount EEK 146 561 000.

 

(5) Payables to credit institutions

        Current/ demand accounts                                           13,560

        Term deposits                                                       7,992

        Overdrafts                                                            584

        Loans taken                                                       700,394

        Total payables to credit institutions                             722,530

 

                                                                       Thous. EEK

 

(6) Payables to clients

        Government                                                         90,161

        Financial institutions                                             49,450

        Business units of state and local governments                       4,321

        Other companies                                                   442,983

        Non-profit organizations                                           10,850

        Private persons                                                   168,938

        Total payables to clients                                         766,703

 

        Current/ demand accounts                                          475,095

        Term deposits  		                                          291,608

        Total payables to clients                                         766,703

 

(7) Share capital

Includes the increase in the share capital by EEK 236 377 000, in accordance with

the decision of the 15.11.98 general meeting of Eesti Forekspank shareholders. The 

shares were issued to the shareholders of Eesti Investeerimispank.

 

(8) Interest income

        Loans                                                             133,402

        Deposits                                                            9,095

        Bonds and fixed income securities			           43,765

        Total interest income                                             186,262

 

(9) Interest expenses

        Loans taken                                                        21,958

        Demand deposits                                                    13,882

        Term and savings deposits                                          30,320

        Bonds and fixed income securities			              608

        Subordinated or convertible debt obligations                        5,502

        Other                                                                 657

        Total interest expenses                                            72,927

 

(10) Administrative expenses

        Salary expenses                                                    37,731

        Social taxes                                                       10,972

        Other administrative expenses                                      67,777

        Total administrative expenses                                     116,480