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Frequently Asked Questions

Now clients temporarily do not have access to their money not in the bank's office , or in the Internet bank. The card system is disabled, so customers can not pay with bank payment cards, they can not withdraw money from ATMs. Clients need to monitor the FKTK public messages about the procedure of payments guaranteed by the state, the place and time of commencement of payments.

FKTK will try to start the payment as soon as possible, presumably it will happen in the next 8 working days. The Deposit Guarantee Law provides that the beginning of the payment of guaranteed compensation must occur within 8 working days from the day when the deposits become inaccessible (ie not later than March 7, 2018 ).

On the order, time and place of payment of guaranteed compensation (to individuals and legal entities), the FKTK Board will make a decision and immediately notify. Information will be available both on the home page, in the bank, and in the media.

Each client in each Latvian bank in case of inaccessibility of deposits the state guarantees payment of up to 100 000 euros from the Guarantee Fund. Management, accumulation and payment of funds provides FKTK .

Each client in each Latvian bank in case of inaccessibility of deposits the state guarantees payment of up to 100 000 euros from the Guarantee Fund. Management, accumulation and payment of funds provides FKTK .

The refund is provided for all types of deposits in all currencies in an amount that does not exceed 100,000 euros in all accounts together, which are opened in the branches of the enterprise. The amount guaranteed by the state refers to deposits, balances on settlement accounts, salary accounts, savings accounts, etc. The refund of deposits, which does not exceed 100,000 euros, is paid in full.

Yes, interest is also included in the reimbursement amount, including the interest that is calculated until the day when the deposits become inaccessible, unless the total amount exceeds 100,000 euros. For example, if the customer has a deposit of 99,000 euros, and the accrued interest up to the day when the deposits became inaccessible, amount to 1,500 euros, then the client will receive 100,000 euros (99,000 + 1,000 percent), but 500 euro will not receive. The fact of inadequate deposits was confirmed on February 24, 2018.

In accordance with the law, guaranteed compensation is paid in euros. If deposits were in other currencies, then they are converted into euros.

Normative acts do not provide for such compensation.

Guaranteed compensation up to 100 000 is due to all bank customers - both individuals and legal entities, residents and non-residents. The guaranteed compensation also applies to the accounts of the Latvian state and local governments in the bank (if the budget of these institutions does not exceed 500,000 euros).

If the bank has identified in time each such depositor, in case of insolvency of the bank, each investor can claim a full amount of compensation in the amount of 100 000 euros.

If the customer's deposit was less than EUR 10 and within two years until February 24, 2018 (the day when the deposits became inaccessible), no actions were taken with him, no guaranteed reimbursement. Other exceptions, when compensation is not required, are described in Article 23 of the Latvian Deposit Guarantee Law.

No, a subordinated loan is one of the exceptions for which reimbursement is not required.

In the accounting registers of banks, information is kept about all customers who have rights to guaranteed reimbursement, as well as its volume. This information is checked by the FKTK .

Yes, there are some types of transactions in which individuals can claim additional reimbursement (up to 200,000 euros), ie, together with a standard refund it up to 300,000 euros. Such an event occurs if, within the last 3 months, the funds have been received from the sale of real estate, social compensation from the state, compensation for damages or compensation for unjust conviction.

In order to receive a refund, the client must submit an application along with documents that confirm that the deposits meet the criteria.

No. Guaranteed compensation is paid only for the amount that was (or was not) available on the day when deposits became inaccessible. If a sworn bailiff collects the client's funds in a bank, the corresponding recoverable amount up to EUR 100,000 will be transferred to the bailiff or tax administrator. If, after calculation with the bailiff or tax administrator, a part of the pledged sum is released, the client will have the opportunity to receive a guaranteed compensation later. In this case, the time (5 years) during which a guaranteed compensation can be obtained is considered from the day when the guaranteed compensation or its part becomes available to the client.

The right to receive guaranteed compensation is valid for 5 years after the day when deposits become inaccessible, that is, investors will be able to apply to the bank until 2023 .

According to the current estimates, the number of clients will be about 42,000 (both individuals and legal entities).

Yes, even in this case, all customers who meet the relevant category, after the FKTK determines the terms of payments will be paid guaranteed repayment up to 100 000 euros.

After the cancellation of the banking license for all depositors that correspond to the category of clients eligible for guaranteed compensation, the amount of payment up to 100,000 euros is guaranteed, regardless of when the funds were credited to the client's account.

The fund has accumulated 236 million euros to date.

According to current estimates , about 436 million euros are needed to pay guaranteed compensation . In addition, the bank has enough liquid assets to reimburse the entire amount to the Guarantee Fund.

Such clients will be able to lend their credit claims to the liquidator of the process as soon as the deadlines for accepting such applications are established. Despite liquidation, the bank has a positive capital, therefore, the assets are sufficient to pay off all liabilities, but for a longer period of time.

The application form is available on the FKTK home page : http://www.fktk.lv/lv/klientu-aizsardziba/garantiju-fondu-darbiba/noguldijumu-garantiju-fonds.html. An application certified by an electronic signature can be sent by e-mail: fktk@fktk.lv, a letter to the address. Kungu, Riga, LV- 1050, and also through the portal Latvija.lv: 

https://www.latvija.lv/lv/PPK/tiesibuaizsardziba/iesniegums-iestadei/p3395/DokumentiUnVeidlapas

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