Guaranteed Compensation

According to the Deposit Guarantee Law of the Republic of Latvia, clients of ABLV Bank, AS in liquidation (hereinafter — the Company) are entitled to guaranteed compensation from the Deposit Guarantee Fund in the amount not exceeding EUR 100,000.

According to Section 3, Paragraph four of the Deposit Guarantee Law, the depositors of  the Company who are eligible for the guaranteed compensation but who will have failed to apply for it by 23.59 on 23 February 2023 will lose the right of action against the Deposit Guarantee Fund of Latvia for the disbursement of the guaranteed compensation.

In the light of the above, we would like to encourage all depositors who are entitled to the guaranteed compensation and who have not applied for it yet to do so by 23.59 on 23 February 2023. This call for action does not apply to the depositors who are not entitled to the guaranteed compensation or who are subject to restrictions imposed on the disbursement of the guaranteed compensation.

The Company has calculated the amount of guaranteed compensation each client is entitled to. These funds have been placed in specific guaranteed compensation accounts. Compensation is guaranteed for all types of deposits with the total amount of up to EUR 100,000 held in any currency and any account, unless such funds serve as collateral for client’s liabilities.

All clients of the Company (natural and legal entities, residents and non-residents) are entitled to guaranteed compensation. Exceptions for deposits disbursed as guaranteed compensation are set forth in Section 23 of the Deposit Guarantee Law of the Republic of Latvia.

Guaranteed compensations are being disbursed since 3 March 2018 in accordance with the following procedure:

  • applications for guaranteed compensation are accepted by Citadele banka, AS:
    - any client can file an application at "Citadele" branch office (2A Republikas laukums, Riga);
    - clients holding an account with Citadele banka, AS can also file their applications in their online banking system of Citadele banka, AS;

  • guaranteed compensation is disbursed to each client in one payment in EUR, unless set otherwise;
  • if the amount of guaranteed compensation does not exceed EUR 1,000, it can be paid in cash for a fee as per Citadele banka, AS pricelist;
  • if the amount of guaranteed compensation exceeds EUR 1,000, it can be transferred only to depositor’s account in any other credit institution for a fee as per Citadele banka, AS pricelist.

Information on documents necessary for disbursement of guaranteed compensation is published on the website of Citadele banka, AS. Citadele banka, AS has also informed depositors on the possibility to send necessary documents for preliminary check, in order to ensure possibility to eliminate any deficiencies, e.g., deficiencies related to documents authorising representatives of legal entities, in advance.

If guaranteed compensation is to be disbursed to a minor (in case of savings account opened for a minor), it will be paid to minor’s parent or guardian upon presenting the parent’s or guardian’s passport or personal identity card, minor’s birth certificate and a permit from the orphan’s and custody court. Permit from the orphan’s and custody court is not necessary if guaranteed compensation is below 20 EUR or it will be transferred to a minor’s savings account opened with another credit institution in Latvia.