Depositors and Investors Protection

Based on the provisions of the Deposit Guarantee Law, the deposit taker, prior to making a deposit, shall provide information on state guaranteed protection of deposits to the depositor.

The full version of the Deposit Guarantee Law in Latvian is available at likumi.lv.

Main information on state guaranteed protection of deposits
Guarantees on deposits with a credit institution Safety of your deposits is guaranteed by the deposit guarantee scheme, which has been established pursuant to the Deposit Guarantee Law. In case of unavailability of deposits at a credit institution, your deposit in the amount of up to 100 000 EUR shall be compensated by the Deposit Guarantee Fund.
Maximum amount of guaranteed compensation The maximum amount of guaranteed compensation is 100 000 EUR per each depositor per credit institution. The currency of the guaranteed compensation shall be the euro. Payment of the guaranteed compensation shall not apply to the deposits specified in Section 23 of the Deposit Guarantee Law.
Maximum amount of additionally guaranteed compensation In addition to the maximum guaranteed compensation in the amount of 100 000 EUR, a depositor is entitled to the guaranteed compensation in the amount of up to 200 000 EUR in accordance with the types of deposits and provisions specified in Section 4 of the Deposit Guarantee Law.
Calculation of guaranteed compensation in case of multiple deposits at the same credit institution Total of your deposits at the same credit institution shall be aggregated and the maximum amount of guaranteed compensation (100 000 EUR) shall be applied to the total amount.
Calculation of guaranteed compensation in case of a joint deposit with other person(s) If more than 100 000 EUR are held on the account, the guaranteed compensation in the amount of up to 100 000 EUR shall be applied to each depositor separately provided that this depositor has been identified prior to the date of occurrence of unavailability of deposits.
Beginning of guaranteed compensation payout process in case of unavailability of deposits Starting from the 21st working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred until 31 December 2018.
Starting from the 16th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred from 1 January 2019 until 31 December 2020.
Starting from the 10th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred from 1 January 2021 until 31 December 2023.
Starting from the 8th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred after 1 January 2024.
Information on the possibility of mutual offset of claims In the calculation of guaranteed compensation due to a depositor, the depositor’s liabilities against credit institution may be taken into account and mutually offset.
Contacts of the Financial and Capital Market Commission Financial and Capital Market Commission: Kungu iela 1, Riga, LV-1050, tel. 6777 4800, www.fktk.lv.