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Guaranteed Deposit Compensation

Protection of the state-guaranteed deposits

Background information on the protection of the state-guaranteed 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 EUR 100,000 shall be compensated by the Deposit Guarantee Fund.

Maximum amount of guaranteed compensation
The maximum amount of guaranteed compensation is EUR 100,000 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 EUR 100,000, a depositor is entitled to the guaranteed compensation in the amount of up to EUR 200,000 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 or credit union shall be aggregated and maximum amount of guaranteed compensation (EUR 100.000) shall be applied to the total amount.

Calculation of guaranteed compensation in case of a joint deposit with other person(s)
If more than EUR 100,000 are held on the account, the guaranteed compensation in the amount of up to EUR 100.000 shall be applied to each depositor separately provided that this depositor has been identified prior to the date of occurrence of unavailability of deposits
The compensation is paid to each person according to the part of the deposit specified in the deposit agreement, or, if it is not specified, the deposit is divided into equal shares. 
If the depositor manages the funds that are due to another person, that person is entitled to the guaranteed compensation.

Beginning of guaranteed compensation payout process in case of unavailability of deposits
Starting from the 20th working day after the date of occurrence of unavailability of deposits if unavailability of  deposits has occurred until 31 December 2018.
Starting from the 15th 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 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
Financial and Capital Market Commission: Kungu iela 1, Riga, LV-1050, tel. +371 6777 4800, www.fktk.lv.
 

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