Citadele to Begin State-guaranteed Reimbursement to Clients of “Latvijas Krājbanka” on 29 November

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25 November 2011

Citadele to Begin State-guaranteed Reimbursement to Clients of “Latvijas Krājbanka” on 29 November

Pay-out of reimbursements to the clients of “Latvijas Krājbanka” will begin on 29 November. Money can be received in person in the branch offices of Citadele Bank in Latvia or via Citadele online banking. Clients are entitled to receive guaranteed deposit amount up until 2071.

Pursuant to the decision taken by the Council of the Financial and Capital Market Commission of Latvia (hereinafter FKTK), AS “Citadele banka” will provide pay-out of the state-guaranteed reimbursement to the depositors of AS “Latvijas Krājbanka”.

“We are interested in making sure that the residents and entrepreneurs receive the money back as soon as possible. The offer by Citadele was the best among those who applied for providing money pay-out. The main benefits in comparison with other candidates were readiness to promptly introduce the technological solution, which is necessary for pay-out of the state-guaranteed reimbursement, and the earliest ability to begin pay-out of money,” says the FKTK Office Manager Anna Dravniece.

“Just recently, the State of Latvia and its residents have demonstrated trust to Citadele, in order for us to continue working, therefore we are now particularly honoured to help out the State and the residents, who find themselves in a difficult situation,” admits the Chairman of the Board of Citadele Bank Juris Jākobsons.

“The main task of Citadele is to ensure that reimbursement of money could be started as soon as possible and that this process would be as convenient as possible for the clients of “Latvijas Krājbanka”. Meanwhile, we will make sure that service to the existing client of Citadele would not be encumbered and that during the money repayment period, convenient service is ensured to all clients,” says the Member of the Board of Citadele Bank Guntis Beļavskis.

Money can be received in person in the branch offices or via Citadele online banking.

“Money can be received either in person in the branches of Citadele in Riga or across Latvia, or via Citadele online banking by applying for reimbursement electronically. To decrease the lines and to ensure utmost expedience in the process of repayment, we are inviting everybody, who has the possibility, to take advantage of the services offered by online banking and open an account in Citadele, in order to avoid crowds during the first days of money reimbursement,” stresses G. Beļavskis.

Clients, who will not have opened an account in Citadele, can electronically or in presence submit an application to receive the money in the account of Citadele or another bank, or to receive it in cash. However, people will still need to come to the bank in person so that the bank employee can verify identity and make sure that the money is repaid to the right person.

“In compliance with the FKTK agreement, money to the clients is to be repaid in one transaction, therefore we are inviting the residents to choose on how they wish to receive the money: with a transfer to Citadele or another bank account or in cash,” explains G. Beļavskis.

Clients are entitled to receive guaranteed deposit amount up until 2071.

In compliance with the Law on Deposit Guarantees, the state guarantees to reimburse the clients of “Latvijas Krājbanka” in the amount of 100 000 euro equivalent in lats or 70 280.40 lats. The state-guaranteed reimbursement concerns all types of funds – deposits, disbursement accounts, salary accounts, savings. The clients are entitled to receive the guaranteed reimbursement over the course of upcoming 60 years or even up to the year 2071.

In compliance with the Law on Deposit Guarantees, money will be paid out in lats. Deposits in other currencies will be calculated into lats in compliance with the currency exchange rates established by the Bank of Latvia on the day when deposits had become unavailable. Citadele will receive the “Latvijas Krājbanka” client register from FKTK containing information about the client data, as well as the amount of money to be paid out to each client, and Citadele will not have to perform any calculations or currency exchanges.

As the resources of the Deposit Guarantee Fund will not be included on the balance-sheet of Citadele, these funds are not linked and will in no way affect the operations of Citadele. “Citadele in essence is a tool for ensuring that the residents and businesses receive money from the Deposit Guarantee Fund,” explains the FKTK Office Manager Anna Dravniece.
Overall, money reimbursement is due to approximately 235 000 individuals and legal entities.

In compliance with the law, the state-guaranteed reimbursement can be received also by those clients of “Latvijas Krājbanka”, who are not residents of Latvia.

The clients, whose deposit amount in “Latvijas Krājbanka” exceed the established cap of 70 280.40, may file a creditor claim within the procedure of liquidation or insolvency procedure of “Latvijas Krājbanka”.

Where to call, if you have any questions?

Information hotline 1188 (Banka Citadele expresses its gratitude to the information hotline 1188 for the willingness to co-operate in providing information to the residents!)

24/7 Client Contact Centre of Citadele Bank – tel. + 371 6 701 0000.

In case of any questions or complaints regarding the pay-out or amount of reimbursement or regarding recognising a person as a depositor, please, address FKTK. Telephone: +371 67774800 and +371 67774801. In writing to:, Address: Kungu iela 1, Riga, LV-1050, Fax: +371 67225755.

For additional information, please, get in touch with:
Ieva Prauliņa,
Head of Corporate Communications Division
Bank Citadele
Tel. 67778870 or 29373305
Twitter account: Citadele

Agnese Līcīte
Financial and Capital Market Commission
Public Relations Specialist
6 7774808


Kungu iela 1, Riga, LV-1050
6 7774800
To report on unauthorised firms
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