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About the payments to Russia and Belarus.
Considering the international sanctions imposed in connection with the Russian government's invasion of Ukraine, please note that further transfers to and from Russia and Belarus may be delayed or not possible.
Please also note that due to additional monitoring, the processing of any payment may take longer than usual, and the bank may charge an additional fee for checking payments in accordance with the Price List (in connection with ML/TF/PF risk and sanctions risk management - fee for additional due diligence/ compliance check of the customer/ activity/ transaction / payment partner/ documents).
Up-to-date information on sanctions imposed on Russia and Belarus is available on the FCMC website.
Here is also the information about the impact of the Russian aggression in Ukraine on our services.
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 a depositor manages funds in the depositor's account that are payable to another person, then the person, who can prove his right to claim the funds managed by the depositor, shall be entitled to receive the guaranteed compensation, provided that the deposit taker has identified this person before the date of occurrence of unavailability of the deposit.
Beginning of guaranteed compensation payout process in case of unavailability of deposits and guaranteed compensation payout to minors
Payment of the guaranteed compensation is made during five years from the date of occurrence of the unavailability of deposits or from the date when the circumstances that constitute the basis for the refusal of guaranteed compensation payment, as specified in Section 27(1) of the Deposit Guarantee Law, have ceased to exist
Guaranteed compensation is paid out:
-Starting from the 15th working day after the date of occurrence of unavailability of deposits if the unavailability of deposits has occurred after 1 January 2019 until 31 December 2020.
- Starting from the 10th working day after the date of occurrence of unavailability of deposits if the unavailability of deposits has occurred after 1 January 2021 until 31 December 2023.
- Starting from the 8th working day after the date of occurrence of unavailability of deposits if the unavailability of deposits has occurred after 1 January 2024.
Legal representatives (parents) or guardians, as appointed in accordance with the procedures specified in Section 222 of the Civil Law and Section 26 of the Law on Orphan's and Custody Courts, of underage depositors (account holders) are entitled, in case of unavailability of deposits and in accordance with the minor's property interests, to perform all necessary actions to receive the minor's state-guaranteed compensation in accordance with the procedure established in regulatory enactments.
Persons are entitled to receive the guaranteed compensation in person from the moment they reach the age of 18.
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.
Financial and Capital Market Commission: Kungu iela 1, Riga, LV-1050, tel. +371 6777 4800, www.fktk.lv.