Changes in the General Terms of Business

Riga, Latvia, January 29, 2013, 16:16 / Banking

On 17 January 2013, ABLV Bank, AS Board approved new version of ABLV Bank, AS General Terms of Business (edition 23). Those will be effective from the 1st of March this year.

The changes were made in section B of the General Terms of Business. Major changes are as follows:

  1. the provisions regarding basis used for interest calculation have been amended;
  2. the terms and conditions of deposits securing card credit and issued letter of guarantee addressed to American Express Services Europe Limited (hereinafter referred to as the AMEX guarantee) have been amended.

As far as basis used for interest calculation is concerned, the amendments set forth the conditions of calculating and paying out (in case of deposit products) or charging (in case of credit products) the interest under the bank’s products. The new edition also includes internationally used indication of interest calculation bases – Actual/360, 360/360 and Actual/Actual.

The amendments regarding deposits securing card credit or AMEX guarantee provide for payment of interest under such deposits once a year. The provisions concerning validity of such deposits and their extension have also been amended. Additional information about applicable interest rates and their reviewing is available in the rates and charges.

The new edition of the Terms can be found at ABLV Bank, AS, home page www.ablv.com.

Ilmārs Jargans
Head of Public Relations Department
+371 6777 5296
ilmars.jargans@ablv.com