On deposit unavailability at JSC “Latvijas Krājbanka”

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Riga. 23.11.2011

Press Release

On deposit unavailability at JSC “Latvijas Krājbanka”

The Board of the Financial and Capital Market Commission (hereinafter – the Commission) during the 22.11 2011 meeting made the decision, according to which the occurrence of unavailability of deposits was ascertained at the joint stock company “Latvijas Krājbanka”.

In accordance with the decision, the JSC “Latvijas Krājbanka” is assigned to pay out part of guaranteed compensations up to LVL 50 per day to the clients (natural persons) of the joint stock company “Latvijas Krājbanka”. Such the procedure for repayment of guaranteed compensations is effective until 26.11.2011 midnight (00:00).

Decision on the procedure for the repayment of remaining guaranteed compensation (both – to natural and legal persons), also place and time, will be made and released by the Commission later on, after taking decisions on the procedure for the repayment of guaranteed compensation, place and time, the decisions will be published in the official newspaper “Latvijas Vēstnesis” and other mass media. According to the Deposit Guarantee Law, guaranteed compensation shall be paid within 20 working days as from date of occurrence of unavailability of deposits, and a period may be prolonged for the term up to 10 working days.

The Bank’s depositors are not required to submit any application and other documents. To receive guaranteed compensation in a bank specified by the Commission, the same documents are required to present as usually requested by banks to identify clients. The guaranteed compensations will be paid out to the persons from the date specified by the Commission.

Please note that in accordance with the Deposit Guarantee Law, the Deposit Guarantee Law guarantees compensations both to natural and legal persons for all kind of deposits in any currency in the amount that may not exceed EUR 100 000 (about LVL 70 000). The guaranteed compensation is calculated adding all deposits in each account together if several accounts opened in the Bank. The guaranteed compensation covers deposits and interest, account balance in the current account, salary account and savings account.

Information provided by:
Anna Dravniece
Head of the Financial and Capital Market Commission’s Office

For additional information:
Ieva Upleja
Chief Public Relations Specialist
Financial and Capital Market Commission’s Office
Phone: +371 67774807 or +371 67774808; email: fktk@fktk.lv


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