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Son seguros los bancos en Letonia

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Banking in Latvia


Is this Bank secured?
Yes, as for reference Banking system in Latvia is regulated by government and Financial and Capital Market commission (please visit
http://www.fktk.lv/en/ ).

List of Banks in Latvia
http://www.fktk.lv/en/market/credit_institutions/banks/
More Info
Latvian Bank Deposit Fund Guarantee Law adopted by the Parliament of the Republic of Latvia provides a compensation of EUR 100 000. This law is common to all Banks in Latvia.  

http://www.fktk.lv/en/customer_protection/operation_of_guarantee_funds/deposit_guarantee_fund/

Bank holds second place in the ratings for the most dynamically developing banks of Central Europe. The Bank we referred was named the best Latvian bank.

http://www.fktk.lv/en/market/credit_institutions/banks/
More Info
Latvian Bank Deposit Fund Guarantee Law adopted by the Parliament of the Republic of Latvia provides a compensation of EUR 100 000. This law is common to all Banks in Latvia.  

http://www.fktk.lv/en/customer_protection/operation_of_guarantee_funds/deposit_guarantee_fund/

Bank holds second place in the ratings for the most dynamically developing banks of Central Europe. The Bank we referred was named the best Latvian bank.

Deposit Insurance in Latvia

How much money is insured in Latvian Banks?

In accordance with amendments to the Deposit Guarantee Law adopted by the Parliament of the Republic of Latvia (Saeima) as from December 16, 2010 compensation of EUR 100 000 (LVL 70 000) is guaranteed to the clients of the Latvian banks (both natural and legal persons) per depositor per each bank (all accounts added together, if several accounts at one bank in one name) . The government guaranteed compensation covers deposits, current account balance, salary accounts, savings accounts etc.
The Financial and Capital Market Commission (FCMC) ensures accumulation and management of the funds in the Deposit Guarantee Fund (the Fund). According to the 2010 4Qdata, LVL 133.1 million were accumulated in the Fund by the end of December.
Initially, in 1998 the Fund was made up of a single payment from the Government budget totalling 0.5 million lats and a single payment of the Bank of Latvia totalling 0.5 million lats . Currently, the funds have been accumulated from quarterly payments of deposit takers, i.e. banks and credit unions (in the amount as specified by the Deposit Guarantee Law), as well as income obtained as a result of managing the funds of the Fund.
For instance, additional income from managing the funds of Fund in 2007 amounted to 2.4 million lats that was ensured by FCMC by making investments in the Latvian treasury bonds. Moreover, the Fund has been supplemented by a single payment in the amount of 50 000 lats made by a new deposit taker when obtaining an operating licence and a single payment in the amount of 100 lats made by a credit union.
In accordance with the Deposit Guarantee Law, in the occurrence of a case of unavailability of deposits in the Fund for paying out the guaranteed compensations, such payments shall be made from the Government budget via FCMC. Since the establishment of the Fund, there has been no such case of unavailability of deposits in Latvia where compensations shall be paid from the Fund.
Regarding the deposits in the branches of foreign banks, the deposit guarantee system of the foreign country where the bank is registered applies to these deposits.

Protection of financial instruments market clients (investors)
As from 1 January 2002, the Investor Protection Law has been in force in Latvia providing a system of protection for investors. In cases when the providers of investment services (banks, investment management companies and investment firms) are incapable of fulfilling their contractual obligations, investors have the right to receive compensation. Failure to meet obligations is compensated at 90% of the irrevocably lost value of financial instruments, or of losses incurred by the non-performance of investment services.
As from 2008, compensation at 90% of the irrevocably lost value of financial instruments, or of losses incurred by the non-performance of investment services was guaranteed for an investor, but not more than EUR 20 000 (LVL 14 056).
Contrary to accumulation of funds, the investor protection mechanism developed by DGF and FPI prescribes that funding meant for compensation has not been accumulated in the fund, but in cases when an investment service provider fails to fulfil obligations, the Commission, on the basis of quarterly reports on financial instruments portfolio submitted by other market participants, calculates proportion of payment by every market participant, investment service provider, in the account opened with the Bank of Latvia for guaranteeing compensations.
If necessary, the Commission organizes and monitors payments of market participants for compensations, examines validity of compensation claims and ensures payment of compensation.

The Fund for the Protection of the Insured (FPI)

The Fund for the Protection of the Insured (FPI) was created in 1999 in order to protect the interests of insured persons in case of an insurance company’s bankruptcy.
The assets of the FPI consist of deductions in the amount of 1% of the gross sum of insurance premiums received from physical persons for the classes of insurance specified by law.
Only a policyholder, natural person, may receive insurance indemnity in case of insurer default:
1) for life insurance policies – 100% of the insurance indemnity, but no more than 2 000 lats per insured person;
2) for other classes of insurance as established by law – 50% of the insurance indemnity, but no more than 2 000 lats per insured person.
The Commission organizes the collection of assets in the FPI and the payment of guaranteed insurance indemnity. Whereas the Consultative Council monitors collection of assets in the FPI and the payment of guaranteed insurance indemnity. The guaranteed insurance indemnity is paid only after initiating bankruptcy procedure at the insurance company. The Commission implements the creditor’s right of demand to insurer.

Source: http://www.fktk.lv/en/customer_protection/operation_of_guarantee_funds


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